Stock Market Stalls as November Rally Fizzles Out

Stocks edged higher on Tuesday as the Wall Street rally looked to regain momentum, with the Dow Jones Industrial Average gaining about 0.4% and the S&P 500 and Nasdaq Composite moving roughly 0.2% higher. Oil prices also rose as the dollar weakened, while Treasury yields fell after Fed Governor Christopher Waller expressed confidence that interest rates are at the right levels. In other news, Shein, Reddit, and Kim Kardashian's clothing brand Skims are reportedly exploring options for initial public offerings in 2024, hinting at a potential comeback for the IPO market. Additionally, US consumers set a new spending record on Cyber Monday, with online sales reaching $12.4 billion, up 9.6% from last year. Consumer confidence also increased in November, although the "Expectations Index" remained below 80 for a third consecutive month, signaling concerns of a potential recession.