Stocks moved higher this week, with all the major exchanges on track for a weekly gain of at least 1%. The rally started on Tuesday when retail sales showed a surprisingly strong consumer. It picked up steam on Wednesday when NVIDIA reported earnings. Initially, investors sold the news from the report but quickly jumped back in, reigniting the tech trade.
Investors are also looking past geopolitical concerns as they become more confident that the Federal Reserve will cut interest rates by 25 basis points in December. However, that’s also stoking concerns about higher inflation. That is showing up in the price of Bitcoin which may hit the psychologically important $100,000 mark as well as gold which remains near all-time highs.
Next week will be a short week with the markets closed on Thursday for the Thanksgiving holiday in the United States. Markets will also close at 1:00 p.m. the day after Thanksgiving.
