S&P 500, Dow close at record highs on tech gains
STORY: The S&P 500 and Dow notched record closing highs in a shortened Black Friday session, lifted by technology stocks.
The Dow added about four-tenths of a percent, the S&P gained over half a percent and the Nasdaq climbed upwards of eight-tenths of a percent.
Six out of the Magnificent 7 stocks ended higher, led by a 2% gain in Nvidia and Tesla’s more than three-and-a-half percent rise.
Still, Pacer ETFs President Sean O’Hara said the market is finally starting to broaden beyond those megcap names.
“And so if you were thinking about what to do post this concentration, strategies that might be: not using a market-cap weighting scheme, something that was more equal weighted, or used another fundamental, might actually be the place to be. And then, we’ve been sort of saying for years now, maybe small caps will catch a little bid here. I think with the administration coming in and they’re focused on deregulation, which really helps small cap names. And if we do get some significant relief from the Fed, which also helps small cap names because they’re more highly levered than large caps, this might actually be the time to be thinking about small caps.”
The small-cap Russell 2000 index rose Friday, as did shares of some retailers, including Target and Macy’s.
Crypto stocks rose on the back of gains in bitcoin, boosting bitcoin miner MARA Holdings by nearly 2%.
And shares of Applied Therapeutics plunged 76% after the U.S. Food and Drug Administration declined to approve its drug for the treatment of a rare genetic metabolic disease.
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