US stocks ended sharply higher Tuesday, building on a broad rebound fueled by growing optimism that the Federal Reserve will deliver a rate cut next month, while tech heavyweights Alphabet (GOOG, GOOGL) and Apple (AAPL) posted record highs.

Indeed, JPMorgan Chase analysts estimate U.S. large-cap stocks will return 6.7% annually over the next 10 to 15 years. And Goldman Sachs analysts estimate the S&P 500 will return 6.5% annually over the next decade, with downside and upside scenarios from 3% annually to 10% annually.

Stocks closed sharply higher for a second time in as many days this holiday-shortened trading week, although Nvidia and other semiconductor shares fell on a report Meta Platforms may use Google's AI chips in their data centers.

The Dow Jones Industrial Average surged 664 points, marking a three-day winning streak, as investor focus shifted to the Federal Reserve's potential December rate cut. This sentiment was further fueled by reports of a potential Fed chair candidate favoring lower rates and comments from New York Fed President John Williams.

Traders at first cheered Thursday morning, sending all three major stock indexes sharply higher. At one point, the Dow was up more than 700 points. But by late morning, the rally started to wear off, and sentiment – and markets – turned sharply negative by midday.

QSR giant McDonald’s has lagged behind the Dow Jones Industrial Average over the past year, yet analysts remain moderately optimistic about the stock’s prospects.

While some restaurants, grocery stores and retail shops will remain open on Black Friday and Thanksgiving, the financial markets will close for a day, and have reduced hours on Black Friday, Nov. 28. Yes, all markets and banks are closed on Thanksgiving, a federal holiday.