Tech leads S&P over 2,600; Amazon


Tech leads S&P above 2,600; Amazon, other retail stocks gain

DJI rose 31.81 points, or 0.14 percent, to 23,557.99, while the S&P . SPX gained 5.34 points, or 0.21 percent, to 2,602.42. The Nasdaq . IXIC added 21.80 points, or 0.32 percent, to 6,889.16.

(Reuters) – Tech stocks led the S&P 500 and Nasdaq to record closing highs on Friday, with the S&P ending above 2,600 points for the first time, while Amazon and retail stocks got a boost from indications of a strong start to the holiday shopping season.
U.S. stores offered deep discounts, gifts and entertainment to draw bargain hunters, but some shoppers said they were just eyeing goods, reserving their money for online purchases.

Released at Fri, 24 Nov 2017 21:16:43 +0000
U.S. oil prices CLc1 jumped to a more than two-year high as North American markets tightened on the partial closure of a key pipeline linking Canada and the USA. [O/R]
The grade S&P 500 and the blue-chip Dow Jones industrials posted weekly gains for the first time in 3 weeks while the Nasdaq Composite posted its best weekly performance as the week to Sept. 1.
Target (TGT.N) ended 2.8 percent lower at $55.88, with analysts noting that it closed its stores for several hours overnight while competitions stayed open. Wal-Mart (WMT.N) inched up 0.2 percent.

The energy index . SPNY and the materials index . Rising commodities prices boosted SPLRCM.
Adobe, which measures 80 percent of online transactions at the largest 100 U.S. web retailers, forecast online Black Friday sales of $5 billion, which would be a record high.
About 2.78 billion shares changed hands in U.S. exchanges in the shortened session. The daily average during the last 20 full sessions is 6.48 billion shares. Volume during the session after Thanksgiving was 3 billion shares this past year.

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Reporting by Rama Venkat Raman and Tanya Agrawal; Editing by James Dalgleish and Rodrigo Campos
Stores, which have been boosting their presence, also fared well.

The stock market had a half session on what is known as Black Friday, the day after the Thanksgiving holiday and the unofficial start of the U.S. holiday shopping season.

The S&P posted 35 new 52-week highs and one low; the Nasdaq recorded 120 highs and 21 new lows.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., November 20, 2017. REUTERS/Brendan McDermid

The CBOE Volatility Index . VIX, better known as the VIX and the most commonly followed barometer of anticipated near-term stock exchange volatility, closed at 9.67, almost a three-week low. Just after the stock market closed at 1 p.m. New York time (1800 GMT), the VIX fell to 8.56, apparently a record intra-day low. A CBOE Global Markets spokeswoman said it wasn’t a ‘quote’ and was caused by S&P 500 options quotes briefly going wide in low volume markets. It was not clear if the CBOE would upgrade data for the VIX to correct the quote.
The S&P retail indicator . SPXRT rose 0.75 percent and hit a record intraday high, led by Amazon’s (AMZN.O) 2.6 percent gain.
The department store operator’s chief executive told CNBC the company was better off this year than last and saw very robust online demand.
Advancing issues outnumbered declining ones on the NYSE by a 1.61-to-1 ratio; on Nasdaq, a 1.31-to-1 ratio favorite advancers.

To get a graphic on S&P 500 hundred-level landmark record highs during current bull market, click

“In the retail environment, Amazon is extremely important – the fact that Amazon continued to soar bodes well for its fourth-quarter holiday shopping season and it bodes well for Wall Street,” said Adam Sarhan, chief executive of 50 Park Investments.

On Thursday, Thanksgiving Day, U.S. shoppers spent more than $2.87 billion on the internet, based on Adobe Analytics.