CNBC Business News Update - Market Close: Stocks Higher, Boeing Shares Up 4%, Some Worry A Pullback Is Coming, Sky-High Store Credit Card Interest 11/22/24

Episode Date: November 22, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Monday morning for Thanksgiving week trading after another winning week for stocks. The Dow soared on Friday, up 426 points, 1% led higher by shares of Boeing, which were up 4%. The S&P 500 index was up 20 points, the Nasdaq up 31 points. The NASDAQ up 31 points. Year to date, the Dow up 17 percent. The S&P 500 index up 25 percent. The NASDAQ up 26 percent. Investors are hoping for a year-end rally on top of that. Some investors are warning that the markets are very vulnerable to a pullback because they're so high. It is an area where I'm starting to get concerned. And so we went from just skepticism coming in 2024

to a lot of optimism going into 2025. You don't want to be alarmist, but that's what you see around major market tops. Every one of the bear markets we've seen for the last 25 years has started with strategists well above S&P 500 spot levels. 314 Research founder Warren Pies on CNBC. Bitcoin inching toward the $100,000 mark, topping $99,000 Friday afternoon.

CNBC.com and the CNBC app for the current price. Since the crypto market never closes, it trades all day, all night and all weekend. The money is flowing for Hollywood. Universal's Wicked tallied $19 million in previews. Paramount's Gladiator 2 poised for a massive weekend as well at the box office. Universal is a sister company to CNBC. The box office is down about 30% this year. This weekend is going to be gigantic, and it's nice.

It's like the Barbenheimer effect. There's something for everyone this weekend. I think Wicked could end up doubling what Gladiator 2 does on the opening weekend. But Gladiator 2 will be a slower burn. Older, more male audience. They'll come out over Thanksgiving and through the holidays. Pucks Matt Bellany on CNBC. Dozens of retailers jacked up interest rates on their store credit cards ahead of the Federal Reserve.

Interest rate cuts in September to protect their profits. And TJX Companies is one of them. The parent of TJ Maxx, Marshalls and HomeGoods took its card from 32 percent interest rate this time last year up to about 35 percent. Allison Josephs shops there. I brought my purchases up and the cashier said to me, would you like to save some money by applying for a credit card, a TJ Maxx credit card? And I said, not really. And she said, but you're going to save a lot. You're going to save 10%. That's 60 bucks. And I said, how much is the APR? And the APR was something like 35%. It was insane. Other retailers raising their interest rates on their cards for those who carry balances include Gap, Macy's, and Nordstrom. Petco, Burlington, Michaels, and bankrupt chain Big

Lots may have the highest rate in the industry, 36% on their store credit cards. On the coming week's watch list, some big names report earnings before Thanksgiving. On Thursday, we get results from Macy's, Best Buy, Dick's, and Kohl's. Macy's with the parade and the NFL with football all day. Those are the two brands that win the Thanksgiving Day holiday. Stocks will trade for a half day on Black Friday. Markets close at 1 p.m. Eastern. Jessica Ettinger, CNBC.

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