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Weekly Financial Market Update - November 29, 2019

Christopher LaPorta

December 2, 2019

All three major U.S. equity averages established all-time highs last week. Better-than-expected economic data, a flurry of corporate mergers and reports that the U.S. and China were moving closer to a "phase one" trade deal lifted investor sentiment. In a Monday night speech, U.S. Federal Reserve Chairman Jerome Powell highlighted Fed policymakers' confidence in the durability of the current economic environment and emphasized that the central bank's interest rate policy is not on a "preset course." 
The positive backdrop helped drive the S&P 500 Index to a 3.4% monthly gain, while the blue-chip Dow Jones Industrial Index and technology-heavy Nasdaq Composite Index posted monthly gains of 3.7% and 4.5%, respectively. Driven by the technology, financial and healthcare sectors, the S&P 500 experienced its best November monthly return since 2009.

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