All eleven sectors finished November in the black. Consumer Discretionary and Financials were both up double digits, rising 12.9% and 10.5%, respectively.
Sales of new single-family homes logged its worst month-over-month change since July 2013, even as mortgage rates were largely unchanged. Both ISM sector PMIs advanced higher, and the Manufacturing sector got about within one point of expansion territory. The price of gold took a pause in its historic rally, but Bitcoin, sometimes referred to as “digital gold,” soared 34.7% in November and came within inches of $100,000.
Treasury yield activity was rather muted in November. The 20-year experienced the largest move, falling 13 basis points.
Several bond funds managed price appreciation despite the relatively quiet activity in yield movement. The iShares 20+ Year Treasury Bond ETF (TLT) rose 2% in November, and the iShares iBoxx Investment Grade Corporate Bond ETF (LQD) advanced 1.8%.
The S&P 500 crossed 6,000 for the first time on November 11th, 2024. This is the second 1,000-point milestone to take place in the same year, as the index hit the 5,000-point mark back in February.
It took the S&P 500 just 9 months and 3 days to go from 5,000 to 6,000, which is the shortest amount of time ever to cross a 1,000 point threshold–and in stark contrast to the 48 years and 1 month that it took for the index to reach its first 1,000 point milestone.
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