Risk-on sentiment gained momentum on Wall Street after the Thanksgiving holiday, fueled by investor optimism over fourth-quarter profit forecasts for U.S. corporations, lifting both the S&P 500 and Dow Jones to fresh record highs.

The S&P 500 broke past the 6,040-point mark on Friday and closed at 6,032, extending its year-to-date gains to an impressive 27%. If the year ended on Friday, the broader U.S. stock market would have surged by a staggering 57% over the last two years, representing the strongest such rally since 1998.

The Dow Jones also hit a record-high milestone, surging above the 45,000 level and bringing its year-to-date gains to 19%.

Technology stocks outperformed, with the Nasdaq 100 rising 1% on the day, buoyed by gains in the Magnificent Seven mega caps and semiconductor stocks.

Small caps stocks posted more modest gains, as the Russell 2000 index edged up 0.4%.

In the currency market, the U.S. dollar snapped its eight-week winning streak, pressured by a drop against the Japanese yen amid speculation of a possible Bank of Japan interest rate hike.

In the bond market, Treasury yields edged lower by about 5 basis points, with the 10-year yield approaching 4.2%, a level not seen since late October. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rallied 1%, reaching over one-month highs.

Commodities also saw a positive price action. Gold rose 0.8%, marking its fourth consecutive session of gains, and silver jumped 1.4%. Natural gas prices spiked 4.9%, ending the month with a 24% surge. The underperformer was crude, which eased 0.2%.

In cryptocurrency markets, Bitcoin (CRYPTO: BTC) rebounded 1.6%, climbing above $97,000 and signaling resilience for the digital asset universe amid broader market enthusiasm.

Friday’s Performance In Major US Indices, ETFs

Updated at 1 p.m. ET

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) edged 0.6% higher to $509.61.

• The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.5% to $450.

• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rallied 0.9% to $509.61.

• The iShares Russell 2000 ETF (NYSE:IWM) rose 0.5% to $242.10.

• The Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, rising 0.9%. The Real Estate Select Sector SPDR Fund (NYSE:XLRE) lagged, down 0.5%.

Friday’s Stock Movers

• Apple Inc. (NASDAQ:AAPL) rose by 1.1% to $273.62 per share, hitting a fresh record high.

• U.S.-listed shares of Brazilian companies sold off heavily as investors were disappointed by the latest fiscal reform from the Lula government. Shares of Nu Holdings Ltd. (NASDAQ:NU), StoneCo Ltd. (NASDAQ:STNE) and XP Inc. (NASDAQ:XP) tumbled by 7.2%, 9.1% and 9.2%, respectively.

• Tesla Inc. (NASDAQ:TSLA) jumped 4% after Wedbush projected the EV giant could tap into $1 trillion in AI and self-driving opportunities, with fewer regulatory hurdles potentially lifting its valuation to $1.5-$2 trillion.