The markets also received preliminary hints on the direction of a proposed tax bill that the Trump administration has been pushing since the elections.
Nevertheless, the equities market were stuck in sideways motion for much of the first half of November as mixed earnings and positive economic data helped keep markets in line.
The equities market began to pick up momentum in the second half of the month as more steps were taken to push through the proposed tax bill.
Market traders were also swept up by increased enthusiasm as the holiday season kicked in with the start of the traditional shopping season with Thanksgiving and Black Friday sales.
Toward the end of the month, U.S. equities pushed toward new highs, led by financials as strong economic data and comments from the Federal Reserve on rate hikes helped bank stocks rally.
Supporting the financial sector’s recent bounce, Federal Reserve Chair Janet Yellen said Wednesday that a stronger economy could allow the central bank to raise rates. The comments come on the heels of Fed chair nominee Jerome Powell’s statement Tuesday that the case for a December rate hike was in play and hinted at lighter banking regulations ahead.
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