Stocks finished off their “November to Remember” with a big gain, at least for the Dow. The S&P was more muted, while the Nasdaq slipped a bit. The averages are mostly flat here to start the final month of the year. The same is true for pretty much everything else, from Treasuries to the dollar to gold, silver, and crude oil.
Remember all that doom-and-gloom back in September and October? The “Black Monday” malarkey floating around on social media platforms like Twitter/X? Yeah, me neither! That’s because the S&P 500 just surged $3 trillion in value in November. The gain of almost 9% made this the second-best November since 1980.
The Dow Industrials jumped more than 520 points, putting it at the highest level since January 2022. Even beaten-down bonds joined in the fun, notching their best month since the 1980s. The catalysts include fading inflation fears, data showing a “soft landing” for the economy is underway, and increased expectations for Federal Reserve rate cuts – yes, CUTS – in 2024.
S&P 500 ETF (SPY)
The good news is, you no longer have to wonder how much a Tesla (TSLA) Cybertruck will set you back. The bad news? The vehicle starts at just under $61,000 – about 50% more than what CEO Elon Musk claimed it would cost back in 2019. And that’s just for the base version that won’t be available until 2025. If you want one sooner, you’ll have to shell out almost $100K for the “Cyberbeast” model.
Shifting back to the recent market action, it likely doesn’t come as a surprise. That’s because as a savvy investor, you’ve been following top money experts who have seen it all in their long and distinguished careers. Just look what several top MoneyShow contributors said in articles like the ones HERE, HERE, and HERE in Top Pros’ Top Picks. They told you the July-October correction was likely just that: A seasonal, needed pullback that would set the stage for a rally into year-end and beyond.
Guests on our MoneyShow MoneyMasters Podcast said the same thing in interviews like the one HERE. Then at our MoneyShow/TradersEXPO Orlando event – right as the market was bottoming in late-October – others shared the same view with attendees (as you can see in THIS Podcast interview HERE). I’m glad you’ve made the choice to follow their work, and I’m even happier that following their advice is paying off for you!