Technology stocks led in Friday’s half-day trading that saw US stock close higher with the S&P 500 and Nasdaq Composite ending at all-time highs.
Markets were muted after Thursday’s Thanksgiving close and Friday’s half day, but all three main benchmarks posted their first weekly gains in three weeks.
The S&P 500 rose to 2,602.42 (+0.21%), the Dow Jones Industrial Average gained 31.81 points to 23,557.99 (+0.14%) and the Nasdaq Composite index went up 21.80 points, or +0.3%, to 6,889.16.
NASDAQ 6,889.16 +0.32%
Dow 23,557.99 +0.14%
S&P 500 2,602.42 +0.21%
Russell 2000 1,519.16 +0.16%
NYSE Composite 12,421.94 +0.25%
Gold 1,292.60 -0.32%
Oil WTI $58.97 +1.64%
10-Year Treasury 2.34 +0.24%
Black Friday trading
Black Friday trading saw retail giants such as Amazon and Macy’s Inc record gains of 2.6% and 2.1% respectively. Gap also added 47 cents, or 1.6%, to $29.64 and Kohl’s rose 46 cents, or 1%, to $45.09.
According to Adobe Analytics, Thanksgiving shoppers in the US racked up $2.87bn online. It said Black Friday online sales were up 18.4% at $640m as of 10 am ET and would rise to a record of $5bn.
Federal Open Market Committee
Minutes from the Federal Open Market Committee were released prior to Thanksgiving and showed that members had positive views on growth in the labour market, consumer spending and manufacturing from its latest meeting.
It was largely positive about economic growth, but highlighted some that financial market prices could be getting out of hand. It also indicated that another rate increase in the Fed’s target range would probably be needed “in the near term” if the economy stays on track.
Gold and Treasury prices slightly extended their gains following the release of the minutes, but gold dropped slightly on Friday.