STORY: The S&P 500 and Dow hit record closing highs in the shortened Black Friday session, lifting tech stocks.
The Dow added about four-tenths of a percent, the S&P gained over half a percent, and the Nasdaq climbed eight-tenths of a percent.
Six of the Magnificent 7 stocks ended higher, led by Nvidia’s 2% gain and Tesla’s gain of more than three and a half percent.
Still, Pacer ETF President Sean O’Hara said the market is finally starting to expand beyond those megacap names.
“And so, if you’re thinking about what to do after this concentration, strategies that might be: not using a market capitalization weighting scheme, something that’s equally weighted, or using some other fundamental factor, might be the place to be. And then, we say already years, maybe small caps here will capture small supply and that they’re focused on deregulation, which really helps small caps get significant relief from the Fed, which also helps small-cap names because they’re more compelling than large, this may actually be the time to think about small caps.”
The Russell 2000 small-cap index rose on Friday, as did shares of some retailers, including Target and Macy’s.
Cryptocurrency stocks rallied on bitcoin’s rally, sending bitcoin miner MARA Holdings up nearly 2%.
And Applied Therapeutics shares fell 76 percent after the U.S. Food and Drug Administration refused to approve its drug to treat a rare genetic metabolic disease.
