US close: Dow, S&P 500 hit new highs in low-volume, shortened session

US stocks rose on Friday with the Dow and S&P 500 both setting new record highs with trading volumes low in a shortened trading session.

Despite the closing bell ringing early on account of Black Friday – trading on the New York Stock Exchange finished at 1300 ET – the Dow finished 0.4% higher at 44,910.65, while the S&P rose 0.6% to 6,032.38.

The Nasdaq, meanwhile, gained 0.8% to 19,218.17 as the tech-heavy index closes in on all-time highs made two weeks ago.

The positive finish capped a strong November for US stocks, with the Dow in particular putting in its strongest monthly performance of the year (+7.5%).

"US exchanges were closed for the holiday and have a shortened session today, so markets should be quite thin and volumes low. Despite this, investor sentiment remains positive as far as equities are concerned, and the ongoing pullback in bond yields is providing a welcome tailwind," said David Morrison, senior market analyst at Trade Nation.

The 10-year US Treasury yield dropped 8.9 basis points to 4.175% on Friday, continuing its decline after hitting a four-month high of 4.45% two weeks ago. Yields had been surging since slumping to a multi-year low of 3.6% in mid-September.

"These yield swings demonstrate investor uncertainty over future interest rate moves. While the US economic growth outlook remains positive, the decline in inflation appears to be stalling," Morrison said.

Market movers

Stocks in the semiconductor equipment sector were all rising on Friday after Bloomberg reported that sanctions being considered by the Biden administration on semiconductor equipment and AI memory chip sales to China were less severe than expected.

US-listed shares of Dutch group ASML gained, along with Applied Materials, Lam Research and KLA Corporation.

Auto parts group Advance Auto Parts fell sharply after ratings agency Moody's cut its debt rating to junk due to expectations of "continued very high lease-adjusted leverage, weak interest coverage, and negative free cash flow over the next 12-18 months".

Share prices in the retail sector were rising as Black Friday shopping began, with Target, Walmart, Costco, Kohl's and Dollar General finishing higher.

Dow Jones - Risers

Boeing Co. (BA) $155.63 2.12%
Intel Corp. (INTC) $24.05 1.69%
Amgen Inc. (AMGN) $282.97 1.04%
Apple Inc. (AAPL) $237.33 1.02%
3M Co. (MMM) $133.53 0.79%
Walmart Inc. (WMT) $92.50 0.67%
Caterpillar Inc. (CAT) $406.39 0.67%
Goldman Sachs Group Inc. (GS) $609.03 0.60%
Nike Inc. (NKE) $78.77 0.55%
Home Depot Inc. (HD) $429.15 0.46%

Dow Jones - Fallers

Merck & Co. Inc. (MRK) $101.64 -1.44%
Dow Chemical Co. (DOW) $44.21 -0.96%
Coca-Cola Co. (KO) $64.08 -0.54%
Walgreens Boots Alliance, Inc. (WBA) $9.02 -0.44%
Travelers Company Inc. (TRV) $266.04 -0.23%
Johnson & Johnson (JNJ) $155.09 -0.20%
Cisco Systems Inc. (CSCO) $59.21 -0.13%
Chevron Corp. (CVX) $161.93 -0.11%
Walt Disney Co. (DIS) $117.47 -0.11%
Verizon Communications Inc. (VZ) $44.34 -0.09%

S&P 500 - Risers

Ralph Lauren Corp (RL) $231.40 3.92%
Lam Research Corp. (LRCX) $73.88 3.23%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $386.56 3.01%
Wynn Resorts Ltd. (WYNN) $94.38 2.96%
Mosaic Company (MOS) $26.46 2.84%
NRG Energy Inc. (NRG) $101.61 2.75%
MGM Resorts International (MGM) $38.30 2.49%
KLA-Tencor Corp. (KLAC) $646.91 2.34%
Tapestry Inc. (TPR) $62.28 2.23%
HP Inc (HPQ) $35.43 2.21%

S&P 500 - Fallers

Advance Auto Parts (AAP) $41.36 -6.94%
Estee Lauder Co. Inc. (EL) $72.17 -2.42%
VeriSign Inc. (VRSN) $187.18 -2.32%
Rollins Inc. (ROL) $50.33 -1.62%
Dominion Energy Inc. (D) $58.75 -1.59%
eBay Inc. (EBAY) $63.29 -1.59%
Merck & Co. Inc. (MRK) $101.64 -1.44%
Wells Fargo & Co. (WFC) $76.17 -1.35%
Incyte Corp. (INCY) $74.50 -1.26%
Healthpeak Properties, Inc (DOC) $21.99 -1.15%

Nasdaq 100 - Risers

Qurate Retail Inc. (QRTEA) $0.47 11.87%
Tesla Inc (TSLA) $345.10 3.67%
Lam Research Corp. (LRCX) $73.88 3.23%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $386.56 3.01%
Wynn Resorts Ltd. (WYNN) $94.38 2.96%
Asml Holdings N.V. (ASML) $686.46 2.38%
KLA-Tencor Corp. (KLAC) $646.91 2.34%
Nvidia Corp. (NVDA) $138.30 2.19%
Western Digital Corp. (WDC) $72.97 2.06%
Synopsys Inc. (SNPS) $558.49 1.96%

Nasdaq 100 - Fallers

Mercadolibre Inc. (MELI) $1,985.17 -2.91%
eBay Inc. (EBAY) $63.29 -1.59%
Workday, Inc. (WDAY) $249.99 -1.35%
Incyte Corp. (INCY) $74.50 -1.26%
American Airlines Group (AAL) $14.51 -0.89%
Henry Schein Inc. (HSIC) $77.10 -0.72%
Regeneron Pharmaceuticals Inc. (REGN) $750.22 -0.62%
J.B. Hunt Transport Services Inc. (JBHT) $189.20 -0.58%
Booking Holdings Inc. (BKNG) $5,200.04 -0.44%
Walgreens Boots Alliance, Inc. (WBA) $9.02 -0.44%