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The US stock market finished session firmly higher on first session of month, Friday, 01 December 2023, on the back of ongoing optimism about the outlook for interest rates after remarks from US Federal Reserve Chair Jerome Powell. However, market gains capped after ISM reports showing a continued contraction in U.S. manufacturing activity in the month of November. At the close of trade, the Dow Jones Industrial Average index advanced 294.61 points, or 0.82%, to 36,245.50. The S&P500 index jumped 26.83 points, or 0.59%, to 4,594.63, its highest level since March 2022. The tech-heavy Nasdaq Composite index added 78.81 points, or 0.55%, to 14,305.03. Total 10 of 11 S&P 500 sectors ended the day in positive territory, with real estate being top performing sector, rising 2.11%, while communication services was bottom performing sector, falling 0.23%. ECONOMIC NEWS: The Institute for Supply Management released a report showing manufacturing PMI came in at 46.7 in November, unchanged from October, with a reading below 50 indicating a contraction. Federal Reserve Chair Jerome Powell offered the strongest signal yet that officials are likely done raising rates, saying the central bank?s policy is ?well into restrictive territory.? His comments were laced with caution, but they appeared to reassure investors who have been digging in on expectations of rate cuts next year. Powered by Capital Market - Live News |