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Market Recap
WEEK OF NOV. 27 THROUGH DEC. 1, 2023
The S&P 500 index rose 0.8% last week, marking its fifth straight weekly gain, after the market benchmark concluded its strongest month in more than a year and began December on a bullish note. The S&P 500 ended Friday's session at 4,594.63, up from last Friday's closing level of 4,559.34, and marking the highest closing level of 2023. The previous closing high this year, reached towards the tail end of July, was 4,588.96.
The fresh 2023 closing high comes just a day after the S&P 500 closed November with an 8.9% jump, the largest monthly increase since July 2022, amid easing inflation readings that helped temper investors' interest-rate concerns. The S&P 500 is now beginning the final month of the year with a year-to-date gain of almost 20%.
Last week's climb was led by the real estate sector, which rose 4.6%, followed by a 2.6% gain in materials and a 2.1% rise in industrials. Other gainers included financials, consumer discretionary, utilities, consumer staples, health care and technology. Two sectors ended the week in the red: communication services fell 2.5% while energy eased 0.1%.
In the real estate sector, shares of Crown Castle (CCI) rose more than 14% this week as investor Elliott Investment Management called on the communications infrastructure real estate investment trust to make leadership changes and undertake a review of its fiber business, among other measures, citing the company's "history of underperformance."
The materials sector's gainers included shares of Packaging Corp of America (PKG), which climbed 9.4% as Wells Fargo increased its price target on the containerboard company's stock to $173 each from $147. Wells Fargo kept its rating on the shares at equalweight.
The decliners in communication services included shares of Google parent Alphabet (GOOGL) amid a report that Microsoft (MSFT) is looking to set up its own mobile app store in a bid to challenge the dominance of Alphabet and Apple (AAPL). Alphabet's Class A shares fell 3.5%.
This week, a number of economic reports will be released with November's nonfarm payrolls and unemployment rate, due Friday, expected to garner the most attention.
