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Stocks gained on Wednesday, keeping the major averages on track for a sizeable jump in November.
The Dow Jones Industrial Average was up about 85 points, or 0.2%. The S&P 500 ticked up by 0.2%, and the Nasdaq Composite inched higher by 0.1%.
General Motors shares popped about 9.3% after the company announced a $10 billion buyback and raised its dividend, and NetApp soared 15% on an earnings beat. Phillips 66′s stock jumped 3.8% after Elliott Investment Management took a $1 billion stake in the energy company.
The yield on the 10-year Treasury note fell below 4.3%, marking the first time since September that it traded below that level. The decline in the rate offered some support to stocks.
Data released Wednesday showed gross domestic product data for the third quarter grew at a stronger-than-expected pace, accelerating at a 5.2% annualized pace. The boost came primarily from revisions to government spending and investments in nonresidential structures.
"I think our market right now is just looking at the longer term trend in inflation and obviously it's coming down, the Fed is acknowledging that. I think the scope for a Santa Claus rally is growing," said Adam Turnquist, chief technical strategist at LPL Financial. "We're not extremely overbought. I think there's more room for participation in the rally, so we'll see if we can get through 4,600 on the S&P 500. That is going to be the key level to watch."
Traders have been optimistic that the Fed's rate-hiking cycle is over, with fed funds futures pricing reflecting a chance the central bank could cut rates as early as next spring.
However, Richmond Fed President Thomas Barkin said Wednesday that policymakers could keep rate increases on the table if inflation doesn't continue to slow.
The major averages are on track for strong monthly gains. The S&P 500 and Dow are up 8.8% and 7.3%, respectively, in November. The Nasdaq has climbed 11.3% over the same period.
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November 30, 2023 at 12:14AM
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Stocks climb Wednesday, on pace for big November gains: Live updates - CNBC
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