The US stock market pumped on the eve of Thanksgiving, with tech stocks leading a four-day rise.

Source: BlockMedia Original Title: [New York Stock Market Close] Rise Ahead of Thanksgiving… Technology Stocks Strong, Rally for 4 Consecutive Trading Days Original Link: The New York stock market closed higher on the day before the Thanksgiving holiday (26th local time). A strong performance centered around technology stocks boosted the overall indices, with the three major indices rising for four consecutive trading days.

The Dow Jones Industrial Average rose 314.67 points (0.67%) from the previous day, closing at 47,427.12. The S&P 500 index increased by 46.73 points (0.69%), closing at 6,812.61. The Nasdaq Composite rose 189.10 points (0.82%), closing at 23,214.69. The Volatility Index (VIX) fell by 7.49% to 17.17, reflecting a stabilization in investor sentiment.

The indices that fell in November successfully rebounded this week, recovering most of the monthly losses. This week, the S&P 500 rose by more than 3%, and the Dow Jones increased by 2.7%, expected to record the largest weekly gain since the end of June. The Nasdaq's weekly gain exceeded 4%, marking the biggest rebound since mid-May.

In particular, the driving force behind the rise in the index is the large tech stocks related to artificial intelligence (AI). Oracle rose more than 4% with support from Deutsche Bank maintaining a buy rating and a target stock price of $375. Microsoft increased by over 2%, while recently adjusted Nvidia rebounded nearly 1%. The recovery of these stocks has once again highlighted the investment sentiment centered around the “Magnificent Seven” in technology, restoring the overall market atmosphere.

Market experts have described this rebound as a normal technical response following recent profit-taking. Eric Diton, the chief representative of the Wells Alliance, stated in an interview with CNBC, “The normal rebound range following risk aversion flows in the last 1-2 weeks,” and added, “Historically, strong flows often occur during the Thanksgiving week.”

Retail stocks also performed outstandingly. Ahead of Black Friday, Best Buy rose 8% for two consecutive days due to an upward revision of its performance guidance, and Kohl's surged over 50% this week following the appointment of a new CEO and strong earnings. American Eagle Outfitters increased by more than 30% due to good quarterly results. In contrast, Workday's stock fell nearly 8% due to a downgrade in its subscription revenue outlook, and agricultural machinery manufacturer Deere, despite exceeding market expectations, closed down 5%.

Market expectations regarding the Federal Reserve's policy path have also been maintained. According to the CME FedWatch Tool, the market reflects an over 80% probability of a 0.25 percentage point reduction in the December benchmark interest rate. Some viewpoints suggest that Kevin Hassett, a member of the White House National Economic Council, has been mentioned as a candidate for the next Federal Reserve Chair, and may pursue a rate cut below 3%.

The New York Stock Exchange will be closed on Thanksgiving Day, November 27, and will close early at 1 PM (local time) on Friday, the 28th.