## Major Market Benchmarks Moving Near Their 2023 Highs
Traders were active on the floor of the New York Stock Exchange as the S&P 500 and the Dow Jones Industrial Average ended Wednesday near the flat line. Despite the little movement, the major averages remain on track for their biggest monthly gain in 2023.
### S&P 500 and Dow Jones Industrial Average Close to 2023 Highs
The 30-stock Dow was up 13.44 points, or 0.04%, to close at 35,430.42. The S&P 500 ticked down by 0.09% to end at 4,550.58, and the Nasdaq Composite slipped by 0.16% to 14,258.49. Because of November’s comeback, the major market benchmarks are approaching their 2023 highs reached over the summer. To reach a new closing high for 2023, the Dow would need to gain about 0.5%, while the S&P 500 and the Nasdaq are about 0.8% and 0.7% away from a closing high for the year, respectively.
### Major Company Performance
On Wednesday, General Motors shares popped about 9.4% after the company announced a $10 billion buyback and raised its dividend. NetApp soared 14.6% on an earnings beat, and Phillips 66’s stock jumped 3.6% after Elliott Investment Management took a $1 billion stake in the energy company.
### Impact on Government Spending and Investments
The yield on the 10-year Treasury note fell below 4.3% for the first time since September, giving support to stock valuations. Data released Wednesday showed gross domestic product in the third quarter grew at a stronger-than-forecast annual rate of 5.2%, primarily from revisions to government spending and investments in nonresidential structures.
### Predictions for the Future
According to Adam Turnquist, chief technical strategist at LPL Financial, the S&P 500 could reach 4,600 by the end of this year. Traders have been optimistic that the Fed’s rate-hiking cycle is over, and fed funds futures pricing reflects a chance the central bank could cut rates as early as next spring.
### Closing Thoughts
“We probably need to digest gains and I would not be surprised if that occurs in the early part of December, which historically we tend to see,” said Sam Stovall, chief investment strategist at CFRA Research. “But at the same time, December is, historically, the best month of the year in terms of a batting average, meaning frequency of advance. So I wouldn’t be surprised that we continue to have a positive move in the markets between now and the end of the year.”
In November, the S&P 500 and Dow are up 8.5% and 7.2%, respectively, while the Nasdaq has climbed about 10.9% over the same period, indicating steady improvements in the stock market.
![](https://p2pmagazine.com/wp-content/uploads/2023/11/Screenshot-2023-11-24-at-11.20.21-AM.png)
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin