Dow soars more than 500 points as US stocks trade mixed to close out big November gains

• The Dow soared more than 500 points Thursday, hitting its highest level for the year.
• US stocks also closed out big gains for the month of November.

The Dow Jones Industrial Average soared to its highest level of the year on Thursday as US stocks closed out a big month of gains.

In November, the Dow and S&P 500 jumped about 9%, while the Nasdaq surged 10.7%, helped by a steep drop in bond yields in recent weeks.

But the 10-year Treasury yield rose over 9 basis points on Thursday as some Federal Reserve officials warned that interest rate hikes were still an option.

"If price pressures and imbalances persist more than I expect, additional policy firming may be needed," New York Fed President John Williams said.

That's despite the personal consumption expenditures index showing a continued slowdown in inflation and an increase in weekly jobless claims signaling more slack in the labor market.

"The Fed is on hold for now but their pivot to rate cuts is getting closer: Inflation is clearly slowing, and the job market is softening faster than expected," Comerica Bank Chief Economist Bill Adams said after the data release.

Here's where US indexes stood at the 4:00 p.m. ET closing bell on Thursday:

• S&P 500: 4,567.77, up 0.38%
• Dow Jones Industrial Average: 35,950.89, up 1.47% (520.47 points)
• Nasdaq Composite: 14,226.22, down 0.23%

Here's what else happened today:

• The economy is flashing a worrying signal that was last seen ahead of the 2008 crisis.
• Oil supply disruptions could bring back $100 a barrel levels, Goldman Sachs said.
• FTX is selling $744 million in assets to pay back its creditors.
• Here are Zillow's six biggest housing predictions for 2024.
• US election uncertainty is starting to impact foreign currencies. Here's what it could do to the Japanese yen.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil dropped 3.4% to $76.08 per barrel. Brent crude, oil's international benchmark, shed 2.7% to $82.85.
• Gold inched 0.5% lower to $2,034.98 per ounce.
• The yield on the 10-year Treasury rose 9.4 basis points to 4.367%.
• Bitcoin fell 0.22% to $37,734.