Stocks Rebound After Recent Weakness, Dollar Eases

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Samiat

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Nov 12, 2024
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Stocks Rebound After Recent Weakness, Dollar Eases​

Key Highlights:

  • U.S. stocks rally; S&P 500 and Nasdaq end losing streak
  • Dollar softens after a four-day climb
  • Treasury yields stabilize following upbeat manufacturing data
Global markets ended the week on a positive note, with stocks staging a recovery on Friday. However, the rally wasn't enough to erase the losses from earlier in the week. Meanwhile, the dollar's recent surge paused, although it retained some support from robust U.S. manufacturing data.

In the U.S., major indices posted solid gains. The S&P 500 and Nasdaq both climbed over 1%, breaking a five-session losing streak—their longest since April. All 11 sectors of the S&P 500 advanced, led by consumer discretionary stocks, which jumped 2.42%.

The dollar, which had been climbing steadily over the past week, lost momentum on Friday. Despite this, the greenback found footing in stronger-than-expected manufacturing survey results, signaling resilience in the U.S. economy.

Investors have been closely watching U.S. Treasury yields, which pared some declines after the manufacturing data release. According to Ross Mayfield, an investment strategist at Baird, "Today’s rally shows some persistence, even as yields remain slightly elevated. It’s a reassuring sign after the market’s recent struggles with rising yields and a strong dollar."

Market Performance

  • The Dow Jones Industrial Average added 339.86 points (+0.80%) to close at 42,732.13.
  • The S&P 500 gained 73.92 points (+1.26%), finishing at 5,942.47.
  • The Nasdaq Composite soared 340.88 points (+1.77%) to end at 19,621.68.
However, despite Friday's rally, all three indices recorded weekly losses: the S&P 500 declined 0.48%, the Nasdaq fell 0.51%, and the Dow dipped 0.60%.

On the global front, MSCI’s All-Country World Index (ACWI) rose 7.52 points (+0.90%) to 847.45. This marked its biggest single-day percentage gain since November 7, but the index remained on track for its third weekly decline in the past four weeks.
 
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