S&P 500 Hits Record, Up 27% YTD; First Back-to-Back 20% Gains Since 1998

Nov 29, 2024, 06:04 PM

In November 2024, the US stock market rallied significantly, with the S&P 500 recording its best month of the year. The S&P 500 gained approximately 5.7% in November, closing at a record high of 6,035.48, marking its 53rd all-time high in 2024. This performance brings its year-to-date gains to over 27%, placing it over 600 points above the highest 2024 year-end price target from Wall Street strategists and 24% above the average target of 4,861. The index is on track for two consecutive years of over 20% gains for the first time since 1998, following a 26.1% increase in 2023. The Dow Jones Industrial Average also reached a record closing high of 44,992.62, crossing the 45,000 mark for the first time and ending the month up 7.5%. The Nasdaq Composite closed at 19,225.16, up 6.3% for the month, while the Russell 2000 gained 11.1%, marking its best monthly performance in four years. The extended market, encompassing stocks outside the S&P 500, rose 12.4% in November. Analysts attribute the strong performance to market optimism and positive economic indicators, with firms like Morgan Stanley forecasting the S&P 500 to reach 6,500 next year.