Wall Street up for the fifth day in a row

Friday's shortened session on Wall Street brought continued growth in the main indexes, and the Dow Jones recorded the fifth day of growth in a row. Investors are more willing to take risks because they are counting on a December interest rate cut. by the Fed.

The Dow Jones Industrial was up 0.61% at the close. and amounted to 47,716.42 points.

The S&P 500 increased by 0.54% at the end of the day. and amounted to 6,849.09 points.

The Nasdaq Composite rose 0.65%. up to 23,365.69 points

The Russell 2000 mid-cap index is up 0.35%. up to 2,494.91 points

The VIX index falls by 5.64%. up to 16.24 points

On Thursday, American stock exchanges were closed due to Thanksgiving, and on Friday, trading was shortened by three hours and ended at 7 p.m. Polish time.

“The sentiment is back to a little bit more risk-on because the market is now 80-85% confident that we're going to get a rate cut from the Federal Reserve in just a few weeks,” Brian Mulberry, client portfolio manager at Zacks Investment Management, told CNBC.

The quarter-percentage-point cut by the Fed in December would be the third in a row, following the central bank's meetings in September and October. Traders have begun to raise their expectations for lower interest rates since New York Fed President John Williams said last week that there was room for “further near-term adjustment to the target range of the federal funds rate.”

“It's just confirmation that we are on a easing trend and that it will continue into the new year,” Mulberry said.

November this year proved to be an exceptionally volatile month for global stocks as concerns about overvalued technology stocks sparked concerns in markets and the US shutdown ended after a record 43 days.

The Nasdaq fell almost 2%. this month and ended a seven-month streak of gains.

The Dow Jones has recorded its longest monthly winning streak since 2018. If the blue-chip index ends November in the green, it will be the seventh consecutive positive month for the index. It would be the longest monthly win streak since the 10-month climb that ended in early 2018.

The Dow is heading to end the week with an increase of over 3%. The S&P 500 also rose more than 3%, while the Nasdaq Composite rose more than 4%.

“Usually in September and October we expect volatility, we had it in November, but we have largely made up for it. The market estimated the probability of an interest rate cut in December at around 30%, and now we are above 80%. And this, in my opinion, is a very strong reason for the increases at the end of the month,” said Lombard Odier economist Samy Chaar.

Federal funds rate futures suggest 85%. the likelihood of a U.S. interest rate cut next month, up from 30 percent. predicted a week earlier. Markets predict three interest rate cuts. next year.

On the oil market, WTI contracts for January are up by 1.38%. to USD 59.45 per barrel, and January Brent futures are increasing by 0.13%. up to USD 63.42/b. (PAP)

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