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S&P 500 rises 5.7% in November to log best month of 2024

The S&P 500 posted its best one-month performance in November as a post-election stock bump lifted markets broadly.

The large-cap index rose 5.7% in September, closing at an all-time high on Nov. 29. Gains were even higher for the Dow Jones Industrial Average, which jumped 7.5%, and the small-cap Russell 2000, which rose 10.8%.

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The upturn in stocks followed a down October, which ended an earlier string of monthly gains. Market volatility spiked ahead of the US presidential election yet receded after President-elect Donald Trump's victory.

Sectors

Every S&P 500 sector rose during the month.

Consumer discretionary recorded the highest gain at 13.2%. All but six of the 50 consumer discretionary stocks rose during the month. The sector includes mega-cap, tech-focused companies Amazon.com Inc. and Tesla Inc., which rose 11.5% and 38.2%, respectively.

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Similarly, just four of the 72 financials stocks in the S&P 500 fell during the month as most of the sector constituents rose by double digits. Discover Financial Services and Synchrony Financial were the best-performing stocks in the sector, with gains of 22.9% and 22.5%, respectively.

The healthcare sector rose the least among S&P 500 sectors, with a 0.1% gain. Performance was mixed across the sector's 62 constituents.

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Best, worst performers

Palantir Technologies Inc. was the best-performing S&P 500 stock in November, rising 61.4% from the end of October. The company beat earnings expectations in its most recent quarter and has benefited from the rise of artificial intelligence technologies.

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Specialty chemicals company Celanese Corp. was the worst-performing S&P 500 stock, falling 41.9% during November. The company missed earnings expectations and slashed its upcoming dividend payout by 95%, citing cost-saving measures due to weakened demand for its products.