U.S. stocks surge as Dow hits record high amidst mixed earnings reports
- U.S. stocks climbed, with the Dow Jones and S&P 500 reaching record levels on November 26, 2024.
- Mixed earnings reports were released, with some companies performing well while others fell short of expectations.
- Overall market sentiment improved but showed signs of divergent trends within certain sectors.
On November 26, 2024, in the United States, the stock market saw notable gains with significant indices, including the Dow Jones and S&P 500, reaching record highs. The Dow Jones increased by approximately 124 points, closing at 44,860.31, while the S&P 500 rose by 0.57% to end at 6,021.63. In contrast, the Nasdaq Composite also experienced a rise of 0.63%, closing at 19,175.58. This uptrend in stock prices occurred despite mixed earnings reports from several companies. Notably, Dick's Sporting Goods reported positive earnings for its third quarter, contrasting with Kohl's Corporation, which unveiled results that were below expectations and reduced its future earnings guidance, signaling possible challenges ahead. Meanwhile, Best Buy reported weaker-than-expected earnings for its fiscal 2025 third quarter, highlighting varying performances across the retail sector. The broader economic landscape also depicted mixed signals as the S&P CoreLogic Case-Shiller home price index reported a year-over-year increase of 4.6% in September, a slight decrease from the previous month's 5.2%. However, housing sales took a noticeable hit, with new single-family home sales plummeting by 17.3% to an annualized rate of 610,000 in October. The current market sentiment is reflected in the CNN Money Fear and Greed index, which shows a reading of 64.4, remaining in the 'Greed' zone. This sentiment indicates an uplift in investor confidence, despite the underlying concerns regarding specific sectors showing weakness, particularly in energy and materials, which closed lower during the session, defying the overall upward trend.