The Dow Jones Industrial Average rallied Thursday to a new high for the year, as more cooling inflation data and strong Salesforce earnings capped the benchmark's best month since October 2022.
The 30-stock index gained 301.51 points to break for lunch Thursday at 35,731.93, surpassing its previous high for the year in August.
The S&P 500 slid 6.2 points to 4,544.39.
The Dow is closing out November with an 8% gain, ending a three-month losing streak. The S&P 500 is also up more than 8% in November, while the NASDAQ has advanced roughly 10%. Both averages are tracking for their best monthly performance since July 2022. The S&P 500 and NASDAQ Composite were trading about 1% away from their respective 2023 highs.
Data released early Thursday showed that the personal consumption expenditures price index—the Federal Reserve's favorite inflation gauge—rose in line with expectations in October, gaining 0.2% for the month and 3.5% on a year-over-year basis. The numbers could provide an incentive for the Fed to hold rates steady, before lowering them in 2024.
Prices for the 10-year Treasury sank, raising yields to 4.33% from Wednesday's 4.27%. Treasury prices and yields move in opposite directions.
Oil prices lost $2.27 to $75.59 U.S. a barrel.
Gold prices lost nine dollars to $2,038.10.