Stock Market Soars, Alphabet Surges, Kohl's Skyrockets

The stock market experienced another day of gains, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all closing higher. Despite some dips in AI stocks, the markets positive mood was driven by the increased likelihood of a Federal Reserve interest rate cut in December and strong retail stocks heading into the holiday season. Alphabet, Googles parent company, saw its stock surge by 13% this past week, pushing its market value close to $4 trillion, as Google reportedly considers selling its chips to Meta for use in data centers. This move positions Google as a strong contender in the AI race, while Nvidias stock declined by 2.6%. Kohls stock surged by 42% after reporting positive cash flow and improved year-end guidance. Consumer spending data from Bank of America shows strengthened credit and debit card spending across all regions, with the Midwest seeing a 2.2% year-over-year growth in October, driven by stronger wages and better housing affordability. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.