CNBC Business News Update - Market Close: Stocks Higher, Dow Closes At New Record, Russell 2K Hits Record High 11/25/24
Episode Date: November 25, 2024From 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. Ancho...red by CNBC's Jessica Ettinger.
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I'm Jessica Ettinger, CNBC. Wall Street opens Tuesday morning after a rally to start the holiday shortened week of trading.
What we do have is a market that has hit rarefied air again. So the record highs have happened in the Dow Jones Industrial Average and also the S&P 500.
We were at a stone's throw away for the Nasdaq Composite, but the Russell 2000 small caps also get a record high here today.
CNBC's Dominic Chu. The Dow on Monday up 440 points, 1% led higher by shares of Sherwin-Williams, which hit a record high. The S&P 500 index was up 18 points. The Nasdaq was up
51 points. Companies whose shares hit fresh all-time highs on Monday include Home Depot, Marriott,
Royal Caribbean, Procter & Gamble, Walmart, American Express, Goldman Sachs, MetLife, Visa,
United Airlines, and T.J. Maxx & Marshall's parent, TJX Companies. The markets like President-elect
Trump's pick for Treasury Secretary, billionaire Scott Bessant. And here's why.
Bessant appears to best represent the combination of traits that Trump was looking for in his Treasury Secretary.
He's someone with a deep familiarity of financial markets and with ties to Wall Street.
But he also has a deep commitment to Trump's economic agenda, including on tariffs.
So for markets, they see someone who has experience in investment strategy and who also might temper some of Trump's more extreme policy impulses.
CNBC's Megan Casella.
Coffee futures hit their highest since 1997.
There's a lot of worry about long-term coffee crop damage in Brazil because of climate change.
Drought conditions are hurting that crop.
Brazil's the world's largest coffee producer.
It's having its driest weather in more than 40 years. Americans started
Christmas shopping well before Halloween with sales at Amazon, Walmart, and Target, but a new
Deloitte survey says consumers are not done yet. They're going to be spending over half their
holiday budgets during Black Friday, Cyber Monday. So we really do think this is going to be a pretty
strong Black Friday, Cyber Monday about this year. Deloitte's Brian McCarthy on CNBC.
Hollywood rolling in the dough with Universal's Wicked defying gravity at the box office
and Paramount's Gladiator 2 also coming off a big weekend.
Wicked's $114 million domestic take was the third highest opening weekend of the year,
despite being limited by the film's two hour and 40 minute runtime.
A second installment in this film hitting theaters next November.
AMC reporting its highest revenue ever for this pre-Thanksgiving weekend.
And Comscore says the combo of films brought IMAX $20.5 million in ticket sales,
which is its third highest pre-Thanksgiving weekend ever.
CNBC's Julia Boorstin.
Formula One has approved the entry of General Motors as a new
team on the grid. It ends a years-long saga that saw the Justice Department launch an antitrust
probe into the sport. The team will use Ferrari engines for the first two years until GM's Cadillac
builds its own engine for competition by the 2028 season.
On Tuesday's watch list, we get a load of earnings from retailers like Best Buy, Dick's Sporting Goods,
Kohl's, Burlington Stores, Abercrombie & Fitch, Nordstrom, and Urban Outfitters.
Jessica Ettinger, CNBC.
CNBC has the most affluent audience in television, but money itself doesn't have any meaning.
It's how you make it and what you do with it that gives it purpose.