Stocks rallied heading into the Thanksgiving holiday, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all registering gains on Wednesday.
|I:DJI||DOW JONES AVERAGES||35273.03||+184.74||+0.53%|
|I:COMP||NASDAQ COMPOSITE INDEX||14265.857274||+65.88||+0.46%|
Microsoft, which hit another fresh record, helped drive some of the momentum after OpenAI reinstated Sam Altman and his right hand, Greg Brockman, and scrubbed the board of directors that fired him nearly a week ago. The tech-giant, as the largest investor in OpenAI, is expected to benefit from the end of the chaos and a new board.
CEO Satya Nadella, via a post on X, formerly known as Twitter, praised the move.
“We believe this is a first essential step on a path to more stable, well-informed, and effective governance. Sam, Greg, and I have talked and agreed they have a key role to play along with the OAI leadership team in ensuring OAI continues to thrive and build on its mission. We look forward to building on our strong partnership and delivering the value of this next generation of AI to our customers and partners,” a portion of the post reads.
As for trading, on Thursday, there will be no trading in stocks because U.S. equity markets will be closed. The U.S. Treasury markets will also be closed, so there will be no trading in bonds.
The following day, Black Friday, is the official kickoff for the shopping season, and U.S. stocks will be open on an abbreviated schedule from 9:30 a.m. to 1 p.m. ET for the NYSE, owned by Intercontinental Exchange and the Nasdaq MarketSite.
|ICE||INTERCONTINENTAL EXCHANGE INC.||114.33||+0.87||+0.77%|
Retail stocks, including Walmart, Target, Amazon and Macy’s, could be active as data begins to trickle in with regard to overall consumer spending up through Cyber Monday.
Following Black Friday comes Small Business Saturday, which encourages holiday shoppers to patronize brick-and-mortar businesses that are small and local.
FOX Business’ Ken Martin contributed to this report.