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Nasdaq Composite posts 46th record close of 2021 but broader stock market limps lower in week before Thanksgiving

Economy, Finance

The Nasdaq Composite index finished at a record high amid an otherwise lackluster end of the week for the broader market, with the Dow Jones Industrial Average and the S&P 500 ending the session in negative territory, amid growing concerns over rising cases of COVID-19 in the U.S. and Europe. However, the technology-laden Nasdaq Composite showed gains outperformed as a retreat in bond yields, which move opposite to prices, helped to support further gains for large-capitalization technology stocks, including chip makers like Micron Technology Inc. , which helped to lead gains in the Nasdaq. The tech-heavy index booked its 46th record closing high of 2021. Meanwhile, the Dow Jones Industrial Average closed down nearly 270 points, or 0.8%, at 35,602, on a preliminary basis. The S&P 500 index ended the session down 0.1% at 4,698. For the week, the Dow closed down 1.4%, while the S&P 500 posted a weekly gain of 0.3% and the Nasdaq Composite’s record run was aided by a 1.2% gain for the week. Nov. 26 marks Thanksiving in the U.S. and markets will be closed, while early closures will occur on the Friday after the holiday, known as Black Friday.

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