The S&P 500 rose 0.6% on Friday in a shortened trading session. This pushed the index to an all-time closing high to end November. Tesla shares gained 3.7% after Wedbush Securities gave positive comments.
The firm kept its “outperform” rating on the stock. It set a $400 price target. Analysts think Tesla could benefit from a proposed federal plan for self-driving vehicles under the new Trump administration.
This could help the company’s AI and autonomous driving goals. Shares of semiconductor equipment makers moved higher. This came after reports that the Biden administration may update export rules to China.
The new restrictions would be less strict than past proposed rules. Lam Research shares rose 3.2%. Casino operators got a boost as China said it would loosen visa rules.
This makes it easier for people in some regions to travel to Macau. Las Vegas Sands shares jumped 3.2%. Shares of Wynn Resorts, another casino company, added 3%.
S&P rises to record high
On the downside, shares of Super Micro Computer fell 6.9%. This was the biggest drop in the S&P 500 on Friday.
The company gave a plan last week to address delays in its financial reporting. It wants to avoid having its stock delisted from the Nasdaq. But it has not said when it will release its late annual report.
VeriSign shares sank 2.3%. The internet company renewed its deal with the group that assigns web addresses. Despite the good deal, VeriSign still faces worries about antitrust issues.
Some think it has a monopoly in the domain registry industry. Shares of Texas Pacific Land Corp. also lost some of their pre-Thanksgiving gains.
They slid 2.2%. The company has gotten attention for new ways it uses its land in the oil-rich Permian Basin. These include bitcoin mining, solar power, and water services for fracking.
Overall, U.S. stocks ended the month strong. Indexes hit record highs after good earnings reports and positive economic outlooks.
