Stocks closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones Industrial Average notched another record high. The S&P 500 rose 0.3%. The benchmark index’s 1.7% gain for the week erased most of its loss from last week. The Dow rose 1% as it nudged past its most recent high set last week, and the Nasdaq composite rose 0.2%. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. It's now within about 0.5% of its all-time high set last week. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 12.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 2.2% after raising its earnings forecast for the year. EchoStar fell 2.8% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%. A majority of stocks in the S&P 500 gained ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.7%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.7% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. All told, the S&P 500 rose 20.63 points to 5,969.34. The Dow climbed 426.16 points to 44,296.51, and the Nasdaq picked up 42.65 points to close at 2,406.67. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.
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Comcast, the parent company of NBC and its affiliated properties, recently announced plans to spin off its cable television networks, including CNBC and MSNBC, into a new company. Following this news, Elon Musk, owner of X, shared a meme online fueling speculation he might purchase MSNBC if it becomes available. A video of Rachel Maddow, one of MSNBC’s leading personalities, went viral on social media , appearing to show her reaction to Musk’s memes about buying MSNBC. The clip appears to show Maddow on air during a breaking news segment with a banner on screen reading: “BREAKING NEWS ELON MUSK POSTS DANGEROUS MEME.” Maddow becomes visibly upset, then requests a graphic to be displayed and the screen cuts to an explicit meme about Musk's buying MSNBC. The video has been viewed hundreds of thousands of times. Google Trends data shows a spike in searches for terms including “Elon Musk meme,” “Rachel Maddow crying,” and “Rachel Maddow Elon Musk.” People in the comments on the video expressed surprise that Maddow would act like that on air. THE QUESTION Is the video of an emotional Rachel Maddow during a news segment about speculation that Elon Musk could MSNBC real? THE SOURCES Video of Maddow’s show on June 19, 2018 MSNBC network spokesperson VERIFY analysis of the video Rachel Maddow social media post from June 19, 2018 Review of recent episodes from “The Rachel Maddow Show” InVid and RevEye , video and photo forensics tools THE ANSWER No, the video is not real. It was created using a real video of Maddow from 2018 and was edited to include fake onscreen graphics and a meme about Musk. WHAT WE FOUND The viral video appearing to show Maddow upset on air in response to social media posts depicting the potential sale of MSNBC to Elon Musk is fake. It was created using a real clip from “The Rachel Maddow Show’s” June 19, 2018 episode that was then edited to include graphics and images to make it appear like she is reacting to a story about Musk. An MSNBC network spokesperson told VERIFY the video “has been manipulated and is fake.” Using InVid, a video forensics tool, VERIFY analyzed the video and conducted a reverse image search, which led us to clips of Maddow’s original 2018 news segment about immigration policy. When comparing the edited video with the original clip from 2018, it was clear Maddow was making the same gestures, wearing the same outfit and the background is identical. A thumbnail promoting MSNBC’s live coverage from the southern border also appears in the bottom corner of both versions. In the original segment, Maddow got emotional while reading an Associated Press report about children separated at the southern border and placed in “tender age” shelters. After her show aired, Maddow apologized on social media for becoming emotional during the broadcast. There have been no verified reports that Musk is considering purchasing MSNBC or that the network would be sold as part of Comcast’s restructuring. Other posts from Musk included retweets of articles from satirical websites. None of Maddow’s recent broadcasts contain this fake news segment. Related Articles No evidence that Elon Musk’s Starlink technology was used to interfere with the election No, the Department of Government Efficiency is not a new government agency No, Taylor Swift didn’t cancel the Eras Tour in red states The VERIFY team works to separate fact from fiction so that you can understand what is true and false. Please consider subscribing to our daily newsletter , text alerts and our YouTube channel . You can also follow us on Snapchat , Instagram , Facebook and TikTok . Learn More » Follow Us YouTube Snapchat Instagram Facebook TikTok Want something VERIFIED? Text: 202-410-8808None