Global Stocks Stall as Dow Aims for Best Thanksgiving Week Since 2012

Traders working at the New York Stock Exchange. (NYSE)

Key Points

• U.S. stock and bond markets are closed for Thanksgiving, while European markets show holiday-like quiet trading.
• Asian markets saw gains, with Japan’s Nikkei 225 and India’s Nifty 50 both closing 1.2% higher.
• Bitcoin surged 5.5% over 24 hours to $91,603, while the U.S. dollar climbed 0.1% and gold futures slipped 0.3%.

Most U.S. investors will spend Thursday carving turkey and watching the NFL rather than checking their portfolios, with stock and bond markets closed for Thanksgiving.

It’s business as usual across the rest of the world—although judging by the early action, traders in Europe are also in holiday mode.

There was more of a bounce in Asia, with investors feeling bullish following a rally in U.S. stocks. Japan’s Nikkei 225 closed 1.2% higher, and India’s Nifty 50 was up by the same amount, putting it on pace for a record high.

The U.S. dollar climbed 0.1% against a weighted basket of its peers. Gold futures slipped 0.3%, to $4,188 an ounce. Bitcoin surged 5.5% over the past 24 hours to $91,603, extending a recent rally.

Wall Street has plenty to be thankful for right now, with hopes of a Federal Reserve interest-rate cut in December helping investors to get over some of their fears about bloated artificial-intelligence valuations.

The three major indexes have all rallied this week. The Dow Jones Industrial Average and S&P 500 have climbed 2.7% and 3.4%, respectively, putting them on pace for their best Thanksgiving week since 2012. The tech-heavy Nasdaq Composite is up 4.4%, on pace for its best Thanksgiving week since 2008.

Write to George Glover at george.glover@dowjones.com