S&P 500’s Historic 8.9% Rally Blindsides Skeptics on Wall Street
- Index gained 8.9% this month, second-best November since 1980
- Opportunity remains ‘for traders to chase gains in December’
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The US stock market just posted its best month in almost a year and a half, and one of its best Novembers in decades, defying skeptics and fueling hopes for more gains to come.
The S&P 500 Index advanced 8.9% this month, for its second-best November since 1980, behind only the pandemic-fueled rebound in 2020, data compiled by Bloomberg show. The gauge is up around 19% in 2023 and snapped a three-month losing streak as investors looked past the possibility of a recession, geopolitical turmoil and soaring borrowing costs.