The stock market’s November rally continued on Tuesday as bond yields slid lower.
The Dow Jones Industrial Average was up 83 points, or 0.2%. The S&P 500 was up 0.1%. The Nasdaq Composite was up 0.3%.
The 10-year Treasury yield was down to 4.343%.
Federal Reserve Governor Christopher Waller sent stocks higher with dovish comments, but markets still wavered throughout the day. November is tracking to be the best month of 2023 for the big three indexes.
“We seem to be searching for the next catalyst, now that the initial holiday shopping numbers were strong and the earnings season is over,” writes Navellier & Associates founder Louis Navellier. “Being up 10% in 4 weeks takes a little digestion, but the wind remains at the market’s back, and the next move is more likely higher than lower.”
The CBOE Volatility Index, or Vix, fell to 0.5% 12.63. Navellier writes that a sub-13 reading from the market’s fear gauge suggests little appetite for shorting the market into the end of the year.
“It’s dropped from 20 only a month ago and has rarely been much lower in the last 30 years,” Navellier writes. “While this is comforting that the recent gains will likely hold, it also leaves the VIX with only one way to go from here. In the past, it hasn’t stayed this low for long.”