British News Agency

The Dow Jones Industrial Average rose 314.67 points, or 0.67%, to close at 47,427.12. The S&P 500 gained 0.69% to finish at 6,812.61, while the Nasdaq Composite closed 0.82% higher at 23,214.69.

The market’s upward movement was supported by AI company Oracle, which jumped nearly 4% after Deutsche Bank reaffirmed its optimistic outlook for the company. Nvidia shares rose more than 1% as they recovered from a recent decline, while Microsoft, a member of the “Magnificent Seven,” traded about 2% higher.

The S&P 500, Nasdaq and Dow are all on track for their best week since late June. The broad S&P 500 gained more than 3% on a weekly basis, while the tech-heavy Nasdaq and blue-chip Dow rose more than 4% and more than 2%, respectively.

Alphabet reached new record highs following reports that Meta Platforms is considering using Google parent company’s TPU chips by 2027. However, chipmaker Nvidia fell more than 2.5%.

Investors continue to watch for catalysts that could influence the U.S. Federal Reserve’s next interest rate decision. According to analysts, traders are pricing in an over 80% probability that the Fed will cut interest rates by a quarter point in December.

According to market analysts, November has been a difficult month for U.S. stocks. Gains in the final week of the month helped trim losses in the three major indexes, but all remain on track for monthly declines, as concerns over high valuations cooled the momentum of some high-performing tech stocks. The S&P 500 and Dow slipped slightly during the month, while the Nasdaq lost more than 2%.