US close: Major indices end week on a high, November slide snaps streaks

(Sharecast News) - US stocks closed higher on Friday in a shortened postThanksgiving session, shrugging off disruption at the Chicago Mercantile Exchange.

At the close, the Dow Jones Industrial Average was up 0.61% at 47,716.42, while the S&P 500 gained 0.54% to 6,849.09 and the Nasdaq Composite finished 0.65% stronger at 23,365.69.

The Dow added 289 points, extending gains from the previous session and marking its fifth straight advance.

Holidaythinned volumes amplified moves, with investors returning from Thanksgiving to a market still digesting November's broader weakness.

Despite Friday's rally, major indices ended the month lower, as a pullback in AIlinked stocks weighed heavily. The reassessment of future profitability in the sector saw the Dow and S&P 500 snap six consecutive months of gains, while the Nasdaq recorded its first monthly decline in seven months.

Some traders remained hopeful that the recent slide could set the stage for a yearend rally, with beatendown valuations drawing opportunistic buyers.

Trading was briefly interrupted by a cooling issue at a CME data centre, adding to volatility in an already thin session, with Globex futures and options, FX platform EBS markets and BMD markets all impacted.

No major corporate earnings or economic releases were released on Friday.

Reporting by Iain Gilbert at Sharecast.com