[New York Stock Market Briefing] Dow Jones Industrial Average and S&P 500 Reach New Highs... 'Santa Rally' Expected in November

The New York Stock Exchange ended the day with a rise, anticipating the Black Friday following Thanksgiving. The Dow Jones Industrial Average and the S&P 500 indices reached record highs as investor sentiment was buoyed by expectations for a 'Santa Rally'.

On the 29th (local time), the Dow Jones Industrial Average rose 188.59 points (0.42%) to record 34,910.65. The S&P 500 index rose 33.64 points (0.56%) to 4,632.38, and the Nasdaq Composite index, centered on technology stocks, rose 157.69 points (0.83%) to 14,218.17. Both the Dow Jones Industrial Average and the S&P 500 indices recorded all-time highs.

On this day, the New York Stock Exchange ended trading at 1 PM (Eastern Time) earlier than usual, following Thanksgiving. Although trading volume was lower than usual, the anticipation of corporate sales growth during the year-end shopping season, which officially begins on Black Friday, kept investor sentiment positive.

The representative large-cap stock Walmart's share price rose 0.67% to $92.50 compared to the previous day. This is the highest price recorded since it was listed on the New York Stock Exchange in August 1972. Not only Walmart, but also most large-cap companies like Target, Costco, Home Depot, and Amazon saw their stock prices rise.

Among the 'Magnificent 7' tech giants, only Alphabet (0.17%↓) showed a decline, while Nvidia (2.15%), Microsoft (0.11%), Apple (1.02%), Tesla (3.69%), Amazon (1.05%), and Facebook's parent company Meta (0.90%) all rose. Tesla's stock price, which soared in the second quarter, has jumped more than 33% this month.

Bitcoin's major shareholder Bitcoine rose 1.7% to $97,000 compared to the previous day. As the 'Bitcoin's largest holding company', MicroStrategy's stock price, which has surged 465.48% this year, fell 0.35% on this day.

The 10-year U.S. Treasury yield fell 7 basis points (1bp=0.01%) to 4.18% compared to the previous day, the 27th, when the New York Stock Exchange was closed. The Treasury yield is showing a downward trend under the guidance of Fed Chair Jerome Powell, who was reappointed as the head of the Federal Reserve this month.

Reporter Minseong Hong, Hankyung.com mshong@hankyung.com