A recent survey shows small business owners are feeling more optimistic about the economy following the election.

The National Federation of Independent Businesses’ Small Business Optimism Index rose by eight points in November to 101.7, its highest reading since June 2021.

The Uncertainty Index declined 12 points in November to 98, following October’s pre-election record high of 110.

NFIB Chief Economist Bill Dunkelberg said small business owners became more certain about future business conditions following the presidential election, breaking a nearly three-year streak of record high uncertainty.

“Owners are particularly hopeful for tax and regulation policies that favor strong economic growth as well as relief from inflationary pressures,” he said in a statement. “In addition, small business owners are eager to expand their operations.”

The net percent of owners expecting the economy to improve rose 41 points from October to a net 36%, the highest since June 2020.

Some owners are also hoping 2025 will be a good time to grow. The percent of small business owners believing it is a good time to expand their business rose eight points to a 14%. This is also the highest reading since June 2021.

While inflation has eased, it remains a top concern for owners. Twenty percent of owners reported that inflation was their single most important problem in operating their business (higher input and labor costs). It surpassed labor quality as the top issue by one point.

Tech companies led a broad rally for U.S. stocks Tuesday, a boost for the market in a holiday-shortened trading session before the Christmas break.

The S&P 500 rose 0.7%. The Dow Jones Industrial Average was up 177 points, or 0.4%, as of 11:20 a.m. Eastern time. The tech-heavy Nasdaq composite was up 1%.

Chip company Broadcom rose 2.6%, while semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, rose 1.1%. Super Micro Computer jumped 4.6%.

Tesla climbed 5.2% for the biggest gain among S&P 500 stocks. Amazon.com rose 1.5%

American Airlines slipped 0.4% after the airline briefly grounded flights nationwide due to a technical issue.

U.S. Steel edged up 0.1% a day after an influential government panel failed to reach consensus on the possible national security risks of the nearly $15 billion proposed sale to Nippon Steel of Japan.

NeueHealth surged 70.1% after the health care company agreed to be taken private in a deal valued at roughly $1.3 billion.

Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.62% from 4.59% late Monday.

European markets were mostly higher. Markets in Asia mostly gained ground.

U.S. markets will close at 1 p.m. Eastern and stay closed Wednesday for Christmas.

Wall Street has several economic reports to look forward to this week, including a weekly update on unemployment benefits on Thursday.

Tuesday’s rally comes as the stock market enters what’s historically been a very cheerful season. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950. The so-called “Santa rally” also correlates closely with positive returns in January and the upcoming year.

So far this month, the U.S. stock market has lost some of its gains since President-elect Donald Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation, a bigger U.S. government debt and difficulties for global trade.

Even so, the stock market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up about 26% so far this year and remains within roughly 1.3% of the all-time high it set earlier this month — its latest of 57 record highs this year.

Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal with the industry being squeezed by discount chains and other competition.

Public companies are under a lot more scrutiny and if private, the Nordstrom may have more leeway in reviving a department store chain that has been attempting to reinvigorate sales for years.

Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, or about $4 billion in all, representing a 42% premium on the company's stock as of March 18, when reports of a potential transaction was reported by the media.

The acquiring group will also pick up more than $2 billion in Nordstrom debt.

The traditional department stores have suffered in the face of withering competition from giants like Walmart and Target, as well as a host of fast-fashion bands and Amazon.com. Nordstrom rivals Macy's and Kohl's have been pressured by major investors to make huge changes in order to return more profit to shareholders.

Sales at Nordstrom have essentially flatlined over the past decade or so and it announced last year that it was closing all of its Canadian stores and cutting 2,500 jobs as it winds down operations in the country. Nordstrom first announced plans to expand to Canada in 2012 and opened its first store in Calgary at CF Chinook Centre in September 2014.

The offer announced Monday tops the previous $23-per-share bid that the Nordstrom family and Mexican retail group, El Puerto de Liverpool, made in September.

The board also plans to authorize a special dividend of up to 25 cents per share, based on Nordstrom’s cash on hand immediately prior to and contingent on the close of the transaction.

The deal is expected to close in the first half of 2025, at which time the company's shares will no longer trade publicly.

“While a change in ownership does not automatically remedy all of the problems with the department store operation, it will allow the family and their backers to take a long-term view of the business and make necessary investments and changes away from the short-term scrutiny of public markets,” wrote Neil Saunders, Managing Director of GlobalData, in a note to clients.

Nordstrom’s board of directors unanimously approved the the proposed transaction, with members Erik and Pete Nordstrom, part of the Nordstrom family taking over the company — recusing themselves from that vote.

Following the close of the transaction, the Nordstrom family will have a majority ownership stake in the company.

Erik and Pete Nordstrom are the fourth-generation leadership at the Seattle retailer, which was founded in 1901 as a shoe store. Erik is the company’s chief executive and Peter is president.

After opening 23 new stores so far this year, the company now operates a combined 381 Nordstrom and Nordstrom Rack stores in the U.S.

Nordstrom shares fell about 1.5% Monday, but they are up 34% this year on rumors of a family takeover. The company's stock is still down considerably from post-pandemic highs above $40 per share.

In May of this year, Bruce Nordstrom, a retail executive who helped expand his family’s Pacific Northwest department store chain into an upscale national brand, died at age 90. He was one of several Nordstrom family members who in 2017 made a push to take the company private, proposing to buy out the 70% of the department store’s stock they didn’t already own. Those talks failed in 2018 but earlier this year, his sons started another series of buyout negotiations, leading to Monday’s announcement.