NEWS: The S&P 500 and Dow notched record closing highs in the abbreviated Black Friday session, lifted by tech stocks.
The Dow increased about four-tenths of a percent, the S&P gained more than half a percent and the Nasdaq rose eight-tenths of a percent.
Six of the Magnificent 7 stocks finished higher, led by a 2% gain in Nvidia and Tesla’s more than three and a half percent rise.
However, Pacer ETFs CEO Sean O’Hara said the market is starting to expand beyond those megcap names.
“And so if you were thinking about what to do to post this setting, the suggestions would be: not to use the market-cap weighting scheme, something that was equal, or to use something special, that could be the place to be. now, we’ve been talking for years now, maybe small caps it’s going to hold a little bit here, I think with the administration coming and focusing on the adjustment, which really helps the small names some important relief from the Fed, which also helps the small names of the hedge because they are more efficient than the big ones, this may be the time to think about small caps.”
The small-cap Russell 2000 index rose on Friday, as did shares of other retailers, including Target and Macy’s.
Crypto stocks rose on the back of gains in bitcoin, boosting bitcoin miner MARA Holdings by nearly 2%.
And shares of Applied Therapeutics plunged 76% after the US Food and Drug Administration refused to approve its drug to treat a rare genetic metabolic disease.