Stocks Surge Post-Election; Fed Cuts Quarter Point
The Weekly Update
Week of November 11th, 2024
By Christopher T. Much, CFP®, AIF®
Stocks surged higher last week, fueled by the Fed’s rate cut decision and post-election enthusiasm as investors looked to future policy impacts of a Republican-controlled Senate and executive branch. (The House of Representatives still remains officially undecided.)
The Standard & Poor’s 500 Index spiked 4.65 percent, while the Nasdaq Composite Index gained 5.74 percent. The Dow Jones Industrial Average rose 4.61 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, was basically flat (down 0.02 percent).
Stocks Extend Rally on Election News
It was a shaky start to the week for stocks as investors anxiously awaited election results and the Fed’s interest-rate decision.
On Election Day, stocks rallied broadly before polling places closed. After the election was called early the next morning, stocks opened higher and climbed throughout the trading session. The yield on the 10-year Treasury fell to …
