Stocks ended a short Friday session near record highs, capping a five-day rally that nearly erased the S&P 500’s losses from earlier in November.

The S&P 500 rose 36 points (0.5%) to 6,849, the Dow gained 289 points (0.6%) to 47,716, and the Nasdaq added 0.7%, though it still posted a 1.5% monthly decline due to big tech losses.

The rebound followed market volatility fueled by AI and tech stock concerns, with Nvidia, Oracle, and Palantir posting significant November losses, while Alphabet surged nearly 14% on excitement over its Gemini AI model.

Investors are hopeful the Federal Reserve will cut interest rates next month to support the slowing economy, boosting market sentiment, CBS News has reported.

Retail and travel stocks also saw mixed gains, while Treasury yields edged higher, and a technical issue briefly halted futures trading at the CME.