U.S. stocks advanced to close out the week at record levels as uncertainty dissipated following the presidential election. The S&P 500 and Nasdaq Composite both had their best weekly performances since November of 2023. Small caps performed even better as market participants dialed up their risk exposure. The November FOMC meeting concluded with a widely expected rate cut of 0.25%. Fed chair Powell stated that economic activity has been stronger than expected but reiterated that the Fed is still data dependent when considering future rate cuts.