The Standard & Poor’s 500 fell 0.5%, but the benchmark index still clocked a surge of 10.8% for the month, its biggest monthly gain since April. The Dow Jones industrial average, which has far less effect on 401 accounts than the S&P 500 does, had its best month since 1987.
Investors also found encouragement in prospects that Washington will remain under divided political control. Republicans are on track to hold onto control of the Senate if they can win one of two upcoming runoff elections in Georgia. A split government would mean low tax rates and other pro-business policies could remain the status quo.
That’s helped the stock market’s rally broaden out. Early in Wall Street’s recovery this spring, it was Big Tech that almost singlehandedly carried the market higher on expectations that work-from-home and other trends would mean bigger profits for them. But hopes for a more widespread economic recovery are now boosting stocks of companies whose profits are more closely tied to the economy’s strength.
Likewise, the Russell 2000 index of smaller stocks, which closed out November with an 18.3% surge, fell 35.45 points, or 1.9%, to 1,819.82 on Monday.
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