Stock market today: Stocks open higher as Wall Street closes out strong November
Nov 28, 2024, 9:39 PM
FILE - People walk past the New York Stock Exchange on Tuesday, Nov. 26 2024. (AP Photo/Peter Morgan, File)
Credit: ASSOCIATED PRESS
(AP Photo/Peter Morgan, File)
NEW YORK (AP) — Stocks are showing slight gains as Wall Street puts the finishing touches on one of its best months of the year. The S&P rose 0.2% while the Dow Jones Industrial Average is up 146 points, or 0.3%. The Nasdaq rose 0.1%. Friday is an abbreviated trading day — stock markets close at 1 p.m. ET and the bond market closes an hour later. Investors are waiting to see how willing shoppers are to spend on gifts for the holidays. Black Friday unofficially kicks off the holiday shopping season, although retailers have been offering early deals for weeks. Macy’s rose 0.8% and Abercrombie & Fitch gained 1.6%.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
HONG KONG (AP) —
Global shares mostly fell on Friday after U.S. markets were closed Thursday for the Thanksgiving holiday.
France’s CAC 40 was nearly unchanged at 7,178.37 in early trading, while Germany’s DAX edged down 0.1% to 19,407.50. Britain’s FTSE 100 declined less than 0.1% to 8,279.02. Investors were awaiting preliminary inflation data for November for the region using the euro, which may influence the European Central Bank’s future interest rate decisions.
The futures for the S&P 500 and the Dow Jones Industrial Average were both 0.3% higher. U.S. markets will reopen for a half day on Friday.
In Asian trading, Tokyo’s Nikkei 225 index fell 0.4% to 38,208.03 after the government reported that inflation in Tokyo, considered an indicator for national trends, was 2.6% in November, up from 1.8% last month mainly due to a surge in fresh food prices. Core inflation, which excludes fresh food prices, rose modestly to 2.2% year-on-year from 1.8% in October.
Higher inflation tends to reinforce expectations that the Bank of Japan will push ahead with more increases in its benchmark lending rate. That, in turn, pushes up the value of the Japanese yen, which was trading at 150.02 to the U.S. dollar early Friday. A week earlier it was trading above 155 yen per dollar.
The central bank’s current policy rate is 0.25%. It only ended a long spell of negative rates in March on the presumption that Japan had largely achieved its 2% inflation target.
South Korea’s Kospi lost 2% to 2,455.91 after the central bank cut its benchmark interest rate on Thursday to relieve pressure on its slowing economy. Australia’s S&P/ASX 200 edged 0.1% lower to 8,436.20.
Chinese markets advanced. Hong Kong’s Hang Seng index gained 0.3% to 19,423.61. Meanwhile, the Shanghai Composite index surged 0.9% to 3,326.46. Gains in retailers’ stocks drove market gains after a two-day meeting in Beijing focused on promoting consumption ended on Thursday. Shares of Yonghui Superstore, China’s fifth-largest hypermarket chain operator, surged by over 10%.
Investors also are looking ahead to a major economic planning meeting that is usually held in December.
The holiday Thursday brought a respite in news on President-elect Donald Trump’s plans for after he takes office, after markets were rocked earlier in the week by his announcement that he plans to order immediate sharp tariff hikes on imports from Canada, Mexico and China.
On Wednesday, the S&P 500 fell 0.4% and the Dow fell 0.3%. The Nasdaq composite, which is heavily weighted with technology stocks, fell 0.6%.
In other dealings Friday, U.S. benchmark crude oil lost 16 cents to $68.56 per barrel, while Brent crude, the international standard, fell 37 cents to $72.41 per barrel.
The euro rose to $1.0580 from $1.0554.
