CNBC Business News Update - Market Close: Stocks Rally In Shortened Session, Dow and S&P 500 hit record highs, Fast Start To Holiday Shopping, Christmas Trees In Tight Supply

Episode Date: November 29, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow.

I'm Peter Schach, now CNBC. jumped 0.8% or 158 points. The Dow and S&P 500 closed at record highs. The Nasdaq is still about 0.4% short of its own record set on November 11th. Today, of course, is Black Friday, marking the acceleration of the holiday shopping season, and former Walmart U.S. CEO Bill Simon thinks it will be a good one. I'm expecting a very good selling season. I think the consumers get a breathing sigh of relief that the election's over and all the noise from the election is kind of quieting down whichever side you ended up on. I think there's just a general kind of consumer relief. So I think it's going to be an aggressively promoted holiday selling season. The consumer is going to benefit

from that. One popular item to buy in the next few weeks, Christmas trees, and producers of those trees have been dealing with some difficult conditions. More than half of the Fraser firs in the nation are produced in North Carolina. And that, of course, got slammed by Hurricane Helene. The Christmas tree industry there is worth an estimated $250 million. And there was pockets of deep damage. I mean, one family farm lost 60,000 trees. but the industry says as a whole, the bigger headache was getting those roads and bridges repaired to get the trees to market. That happened. That's CNBC's Contessa Brewer, who says despite tight supplies, the majority of wholesalers are doing their best to hold the line on tree prices. Also in short, or at least shorter supply, coffee,

which hit a nearly half century high in prices today as major grower Brazil deals with the aftermath of drought conditions. And world wine output is set to hit a 60-year low this year as vineyards in both the northern and southern hemispheres deal with difficult weather. Peter Schach now, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the club today. Go to cnbc.com slash Jim's Club.