S&P 500 Has One of Best November Gains in Century: Markets Wrap
- Economy slowed in recent weeks with inflation, labor cooling
- OPEC+ cuts fail to convince oil traders amid lack of clarity
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Wall Street saw a late-day rebound, with stocks notching one of their biggest November rallies on record, fueled by speculation the Federal Reserve will put an end to its aggressive hiking campaign.
After this month’s $3 trillion surge, the S&P 500 is now just 5% away from its all-time high. The US equity benchmark climbed over 8% in November — a feat achieved fewer than 10 times during that same month since 1928, according to data compiled by Bloomberg. It was also the gauge’s biggest monthly gain since July 2022. Treasuries lost steam after a historic rally. The dollar closed higher, but posted its worst month in a year.