The S&P 500 has risen Tuesday, putting the broad-based index on pace for its longest winning streak in roughly two years. The index rose for a seventh consecutive day for the first time since its eight-day win streak reached in November 2021. The Dow Jones Industrial Average added 52 points, or 0.2%, and the Nasdaq Composite outperformed, rising about 0.9%. Technology stocks moved higher as yields pulled back, with the yield on the 10-year Treasury note last trading about 7 basis points lower at 4.595%. Some notable gainers included Microsoft, Amazon, and Advanced Micro Devices, all up about 1% each. Datadog popped 28% for one of its best days on record after topping quarterly results and offering a strong outlook.
Wall Street continued to assess whether last week’s rally can continue after all three indices wrapped their best week in 2023. So far this month, all major averages are on pace for gains, with the Dow up 3.4%. The November uptick in stocks contrasts a weak October in which the S&P 500 slipped into correction territory. Investors grew optimistic after the Federal Reserve left interest rates unchanged following their meeting last week.
Investors are now turning to more commentary from central bank speakers, including Federal Reserve Chair Jerome Powell, and quarterly results from Disney, Wynn Resorts, and Occidental Petroleum, due out this week. The positive momentum in the stock market reflects ongoing optimism and stability, as the S&P 500 is at 4,370, showing continued upside potential going into the year end. These developments indicate a positive direction for the US stock market and potentially sign of continued economic recovery from the pandemic.
