Stock Market Today: S&P500 closes at record high after briefly topping 6,000

The S&P500 closed at record highs Friday, after hitting unprecedented milestones intraday, spurred by ongoing optimism that a second Trump administration is likely to boost economic growth. 

At 4.00 p.m. ET (2100 GMT) the S&P 500 gained 0.4% to close at record high after briefly hitting a record 6,013.2.  The Nasdaq 100 also closed at record high, while the Dow Jones rose 259 points, or 0.6% to closing record high after notching an intraday record of 44,157.29.

Stocks racked up major gains for the week, with some on Wall Street touting further gains ahead.

According to BofA strategists led by Michael Hartnett, the period from the US election through Inauguration Day presents what he describes as “a risk-on window of opportunity” for US stocks.

Hartnett suggests that investors favor sectors expected to benefit from potential Trump-era policies, including financials, REITs, and small caps, with an emphasis on those less exposed to long-duration debt risks. Consumer sentiment hits highest level since April

The University of Michigan's Consumer Sentiment reading climbed to 73 in November, up from 70.5 last month, beating economists' forecast of 71.

The reading was highest since April, as consumers turned more bullish on the economy, expecting an improvement in personal finances.  Fed continues to lean toward easing

The Fed cut its benchmark rate by 25 basis points to a range of 4.5% to 4.75% on Thursday, as was widely expected.

At the press conference that followed the decision, Fed Chairman Jerome Powell signaled that the Fed's plan to cut rates hadn't been derailed by a recent bout stronger economic data including the slightly hotter September inflation report. 

"Nothing in the press conference dissuaded us either from the notion that the FOMC is on track to keep lowering rates, including at its next meeting in December," UBS said in a recen tnote.

Traders were seen pricing in a 76.1% chance the Fed will cut rates by another 25 basis points in December, and a 23.9% chance rates will remain unchanged, CME Fedwatch showed. Tesla value hits $1tn ; Trump Media & technology jumps; Airbnb slides on mixed quarterly results

Tesla Inc (NASDAQ:TSLA ) rose more than 8%, adding to its post-election gains, taking its market capitalization above $1 trillion.

Airbnb Inc (NASDAQ:ABNB ) fell more than 8% after reporting mixed-quarterly results as earnings fell shy of analyst estimates. 

Trump Media & Technology Group Corp (NASDAQ:DJT ) climbed 15% after President-elect Donald Trump reiterated that he had no plans to sell stock of the social media company.

(Peter Nurse and Ambar Warrick contributed to this article.)

Source: Investing.com