CNBC Business News Update - Market Close: Stocks Higher, Dow Soars 460 Points, Nvidia Higher, Bitcoin Chases 100k 11/21/24

Episode Date: November 21, 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 Friday morning after a winning Thursday. The Dow soaring up 461 points, more than 1% led higher by shares of IBM. The S&P 500 index up 31 points, a half percent. The Nasdaq was up six points for a win. Companies who shares it fresh all-time highs on Thursday include Netflix, Booking Holdings, the parent of Kayak Priceline and Booking.com, and Ticketmaster parent Live Nation. Volatile day for NVIDIA, hitting a record high at the open, bouncing around. It did finish up about a half a percent on the day. The chipmaker is a favorite of Wall Street. The tech giant we know just can't turn out. It's breakthrough Blackwell AI chips fast enough to meet soaring demand. That was the main theme on yesterday's call, which means supply remains constrained for several quarters and the NVIDIA growth story stays intact.

CNBC's Christina Partsenevelis. Bitcoin hit a record high, more than $98,000, as it rages toward the $100,000 mark. Meantime, President-elect Donald Trump's company, DJ Team Media, the parent of the Truth Social media platform, is getting into the cryptocurrency business. This as the future president has vowed to make the U.S. the crypto capital of the world. Trump Media and Technology Group filed an application on Monday for a service dubbed Truthfy. Now, the trademark application describes this as a cryptocurrency payment processing platform

that would trade in digital assets. And guys, this comes just a few days after a report from the FT that said that the company was also considering acquiring Bakkt, which is a publicly traded crypto exchange that specializes in B2B payments. CNBC's Mackenzie Zagalos. More existing homes sold last month. The first increase year over year in three years. Sales up 2.9 percent from October of last year. The first annual increase in over three years. Now this count is based on signed contracts. So deals

inked in August and September when the average on the 30-year fix actually came down sharply, bottoming at 6.1%. The supply of homes for sale was up just over 19% year over year. CNBC's Diana Olech, more homes sold, but prices were higher too. The median, $407,000. That was up 4% from October of last year. The job market remains solid. The number of people who applied for unemployment benefits last week hit its lowest in seven months. We're now at the lowest level on initial jobless claims since April. It's at the same level as a year ago. So what's that say? It says companies

are not firing people at a faster rate. The layoffs remaining for the economy as a whole relatively low here. Breen Capital economist John Writing on CNBC. McDonald's bringing back the McRib. Almost every time it says it's for the last time, but not this time. The pork sandwiches will be in restaurants a week from Tuesday, but only for a limited time. On Friday's watch list, we get the PMIs, purchasing managers indexes. We get the latest on Consumer Sentiment. Formula One qualifying is happening ahead of the Las Vegas Grand Prix Saturday night. New in theaters, Paramount's Gladiator 2 and Universal's Wicked. Universal is a sister company to CNBC.

And Friday night's Mega Millions jackpot closing in on a half billion at $453 million. Jessica Ettinger, CNBC. Don't miss CNBC Pro's Best Deal of the Year. Sign up now at cnbc.com slash pro early access. Terms and restrictions apply.