US close: Dow hits new high after upbeat economic data

Us stocks finished higher on Friday with the Dow Jones Industrial Average rising 1% to reach a new record closing high as incoming economic data lifted market sentiment.

With just two of its 30 constituents in the red, the Dow rose for the third straight session, gaining 426.16 points to settle at 44,296.51, surpassing a previous peak set on 11 November.

The S&P 500 meanwhile finished higher for the fifth consecutive day, rising 0.4% to 5,969.34, while the Nasdaq edged 0.2% higher to 19,003.65.

On the macro front, a preliminary reading of S&P Global's November manufacturing PMI increased to 48.8 points in November, up from 48.5 in October, while the services PMI increased more than expected to 57 points, up from 55 a month earlier.

As a result, S&P's composite PMI rose to 55.3, up from 54.1, indicating the strongest rate of growth since April 2022.

“The business mood has brightened in November, with confidence about the year ahead hitting a two-and-a-half year high,” said Chris Williamson at S&P Global Market Intelligence. “The prospect of lower interest rates and a more pro-business approach from the incoming administration has fueled greater optimism, in turn helping drive output and order book inflows higher in November.”

Elsewhere, the University of Michigan's consumer sentiment index was downwardly revised to 71.8 in November from a preliminary reading of 73 but remained the highest reading seen in the last seven months.

Market movers

Apple finished marginally higher despite news that the UK's CMA found that the company's policies on mobile browsers hinder innovation, impacting UK businesses and millions of users. Its findings, part of an ongoing investigation into mobile browser markets, recommended prioritising further scrutiny of Apple’s and Alphabet subsidiary Google’s activities under forthcoming digital market regulations.

Shares in clothing retailer Gap surged after it raised full-year sales guidance on the back of a third-quarter earnings beat.

Reddit dropped sharply after a report form Bloomberg said shareholder Advance Magazine Publishers was looking to borrow money – as much as $1.2bn – using its equity stake in the social media company.

Software giant Intuit was out of favour after underwhelming with its first-quarter results, in which it gave disappointing guidance for the current quarter.

Dow Jones - Risers

Boeing Co. (BA) $147.47 2.83%
Walgreens Boots Alliance, Inc. (WBA) $8.52 2.59%
Walmart Inc. (WMT) $90.39 2.27%
Nike Inc. (NKE) $76.69 2.12%
Procter & Gamble Co. (PG) $176.36 2.09%
Home Depot Inc. (HD) $416.32 1.43%
Merck & Co. Inc. (MRK) $101.24 1.38%
Cisco Systems Inc. (CSCO) $58.31 1.30%
American Express Co. (AXP) $296.71 1.27%
JP Morgan Chase & Co. (JPM) $247.77 1.23%

Dow Jones - Fallers

3M Co. (MMM) $126.67 -0.51%
Unitedhealth Group Inc. (UNH) $594.63 -0.48%

S&P 500 - Risers

Copart Inc. (CPRT) $61.78 8.58%
Nektar Therapeutics (NKTR) $1.09 7.43%
Gap Inc. (GAP) $23.60 7.08%
Macy's Inc. (M) $16.07 6.64%
VF Corp. (VFC) $19.94 6.12%
Hanesbrands Inc. (HBI) $8.65 5.56%
PVH Corp. (PVH) $103.98 4.54%
Tapestry Inc. (TPR) $58.70 4.06%
Kohls Corp. (KSS) $17.07 4.05%
Best Buy Co. Inc. (BBY) $90.00 4.03%

S&P 500 - Fallers

Intuit Inc. (INTU) $648.25 -4.49%
Align Technology Inc. (ALGN) $222.26 -2.61%
Nvidia Corp. (NVDA) $143.79 -1.97%
Stryker Corp. (SYK) $383.34 -1.74%
NRG Energy Inc. (NRG) $95.37 -1.57%
Electronic Arts Inc. (EA) $165.54 -1.45%
Boston Scientific Corp. (BSX) $90.18 -1.44%
Carnival Corp. (CCL) $24.99 -1.44%
Microchip Technology Inc. (MCHP) $65.58 -1.39%
Alphabet Inc. Class A (GOOGL) $165.49 -1.28%

Nasdaq 100 - Risers

Qurate Retail Inc. (QRTEA) $0.41 10.71%
Tesla Inc (TSLA) $352.37 3.75%
eBay Inc. (EBAY) $63.15 2.83%
Walgreens Boots Alliance, Inc. (WBA) $8.52 2.59%
Ross Stores Inc. (ROST) $146.55 2.51%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $344.65 1.73%
Cadence Design Systems Inc. (CDNS) $311.47 1.62%
O'Reilly Automotive Inc. (ORLY) $1,223.69 1.57%
Paypal Holdings Inc (PYPL) $86.11 1.52%
Expedia Group Inc. (EXPE) $186.14 1.43%

Nasdaq 100 - Fallers

Intuit Inc. (INTU) $648.25 -4.49%
Align Technology Inc. (ALGN) $222.26 -2.61%
Baidu Inc. (BIDU) $79.80 -2.24%
Nvidia Corp. (NVDA) $143.79 -1.97%
Trip.com Group Limited (TCOM) $64.01 -1.78%
Vodafone Group Plc ADS (VOD) $8.69 -1.70%
JD.com, Inc. (JD) $34.82 -1.58%
Electronic Arts Inc. (EA) $165.54 -1.45%
Microchip Technology Inc. (MCHP) $65.58 -1.39%
Alphabet Inc. Class A (GOOGL) $165.49 -1.28%