The Dow gained nearly 1.5%... the S&P 500 added four-tenths of a percent, but the Nasdaq dipped by roughly two-tenths.

The S&P and Nasdaq notched their biggest monthly percentage gains since July 2022. November was the Dow's best month for percentage gains since October 2022.

And Mark Luschini, Chief Investment Strategist at Janney Montgomery Scott, says stocks have more room to run.

"We think we're in a bull market for stocks, given the fact that the economy continues to operate at a pretty heady pace. [FLASH] On balance, that leads us to believe that equity prices will certainly oscillate from time to time as we digest probably not necessarily a linear improvement in inflation, or the Fed's hawkish stance necessarily be removed completely anytime in the near future, which is probably going to keep market participants on their heels for a little while. But nonetheless, we think ultimately is supportive of equity prices and therefore remain quite constructive on stocks for 2024."

Among data released Thursday, the Commerce Department's closely watched Personal Consumption Expenditures report showed inflation is cooling as expected, along with consumer spending. The data reinforced expectations that the Federal Reserve has completed its rate hiking cycle.

In company news, shares of Salesforce jumped nearly 9.5% following the company's higher-than-expected profit forecast based on solid demand for its cloud services.

Ford shares slid 3% after the automaker set the cost of a new labor deal at $8.8 billion and cut its full-year forecast.

And data cloud company Snowflake surged 7 % after it forecast fourth-quarter product revenue above Wall Street estimates.