FX.co ★ Dow Climbs Above 44,000 For First Time But Nasdaq Edges Lower

Following a nearly flat finish in the prior session, the Dow Jones Industrial Average has surged into positive territory during Friday's trading, hitting a new intraday high surpassing 44,000. The S&P 500 index has similarly reached a new record intraday high, though the Nasdaq has slipped marginally.

Presently, the Dow is up by 286.18 points, or 0.7%, at 44,015.52, and the S&P 500 has increased by 20.20 points, or 0.3%, at 5,993.30. Meanwhile, the Nasdaq has dipped by 27.05 points, or 0.1%, to 19,242.41.

The Dow's rise is attributed to strong performances from Procter & Gamble, UnitedHealth, and Goldman Sachs. Despite these gains, overall trading activity appears somewhat muted as traders pause after Wall Street's recent surge.

This rally is partially a response to President Donald Trump's clear victory in the U.S. presidential election. Trump's return to office is anticipated to benefit corporations and the U.S. economy, though there are concerns about the potential inflationary impact of proposed tariff increases.

On the economic front, preliminary data from the University of Michigan indicates consumer sentiment has surpassed expectations in November. The consumer sentiment index has increased to 73.0 in November from 70.5 in October, exceeding economists' expectations of a rise to 71.0, marking its highest point since reaching 77.2 in April.

**Sector Analysis**

Interest rate-sensitive sectors are performing strongly, as treasury yields continue to retract from their recent highs. Utilities, commercial real estate, housing, and telecom sectors have particularly benefited as the yield on the ten-year treasury note decreases further from Wednesday's four-month closing high.

Conversely, steel stocks have declined significantly, with the NYSE Arca Steel Index dropping by 2.0% after reaching a seven-month closing high on Thursday. Additionally, oil service and gold stocks are under considerable pressure, reflecting declines in their respective commodity prices.

**Global Market Overview**

In international markets, Asia-Pacific stocks displayed a mixed performance on Friday. Japan's Nikkei 225 advanced by 0.3%, while China's Shanghai Composite decreased by 0.5%, and Hong Kong's Hang Seng Index fell by 1.1%.

Meanwhile, major European markets have generally moved lower. France's CAC 40 Index has fallen by 1.1%, the U.K.'s FTSE 100 Index is down by 0.8%, and Germany's DAX Index has declined by 0.7%.

In the bond market, treasuries are continuing their notable recovery from the previous session. Consequently, the yield on the benchmark ten-year note, inversely related to its price, has decreased by 6.2 basis points to 4.281%.