New York City, New York – Stocks made gains Wednesday as yields briefly dropped to their lowest level in two months. The November market rally expanded into the Thanksgiving holiday, with the Dow Jones Industrial Average climbing 163 points, the S&P 500 rising by 0.4%, and the Nasdaq Composite advancing 0.6%.

A majority of the stocks trading on the New York Stock Exchange were up, indicating a broadening market rally. The tech-heavy Nasdaq also saw increased participation, with 69.1% of the index’s stocks rising. On the other hand, the energy sector lost 0.6% after OPEC delayed a meeting on production cuts, causing stocks like APA Corp, Marathon Oil, EOG Resources, and Devon Energy to tumble more than 1%.

The yield on the 10-year Treasury briefly fell to its lowest level since September, but later recovered to trade more than 1 basis point higher. The Federal Reserve signaled that monetary policy will remain restrictive, and investors continue to remain optimistic that the central bank will not raise rates at its December meeting.

Despite these fluctuations, the major averages are still on pace for monthly gains, with the Nasdaq rallying 11% in November, the Dow advancing nearly 7%, and the S&P 500 up more than 8%. Analysts believe the rally could continue, especially as inflation continues to come down, making equities likely to perform well in 2024.

The New York Stock Exchange will be closed for Thanksgiving on Thursday and will close early on Friday.