The stock market’s Thanksgiving week parade kept marching on Wednesday.
The Dow Jones Industrial Average rose 315 points, or 0.7%. The S&P 500 was up 0.7%. The Nasdaq Composite was up 0.8%.
The S&P and Dow are riding their best Thanksgiving week performances since 2012, while the Nasdaq is having its best since 2008.
Wall Street got updates on weekly jobless claims and durable goods, neither of which shifted December rate-cut expectations, which are hovering around 85%, according to the CME FedWatch Tool.
“Stocks are finding their footing, especially as economic data starts to roll in, which is providing more visibility on the state of the economy,” writes Paul Stanley, chief investment officer at Granite Bay Wealth Management. “While the economic data is still sparse, the data published so far is showing that the inflation picture and the job market, while far from perfect, are not as troublesome as feared. This is helping stocks recover from the earlier November lows.”
A broad rally took hold on Wednesday, which included everything from riskier stocks and momentum plays to small caps, value stocks, and low-volatility names. The only real laggards were in enterprise software, health care, and other single stocks hit by earnings results.
The stock market will be closed on Thursday, but U.S. exchanges will reopen at 9:30 a.m. ET on Friday before closing early at 1 p.m. ET.