It was just a small inch forward but stocks managed to set record highs again Tuesday. Alibaba had a huge $9 billion dollar singles day. Bobbi Rebell reports.
Alibaba, the Chinese e-commerce giant, generated a record $9.3 billion in sales on Single's Day, the one-day online shopping festival it created for Chinese singles. That's three times more than what was spent online on Black Friday and Cyber Monday combined last year, according to comScore data. The global festival lured bargain hunters from more than 200 countries. Reuters Breakingviews columnist Rob Cyran: SOUNDBITE: ROB CYRAN, COLUMNIST, REUTERS BREAKINGVIEWS (ENGLISH) SAYING: "What they do is they cut prices, they force everyone to cut prices. They don't make much money, but what it does is, it leads to lots of people using the site, being comfortable with buying things off Alibaba, maybe they're reluctant to try and all of a sudden, 'Oh, there's a sale,' and they gather data on their customers, which is useful for Alibaba." Alibaba shares though- took a step back. Separately, CEO Jack Ma said Alibaba's financial services unit, Alipay, will go public. In the U.S. markets were still riding high- reaching new highs yet again. The Dow and the S&P eeking out a firth session of record setting closing highs- despite the light volume on Veterans Day. Top home builder D.R. Horton says quarterly profits were up 19 percent- Its orders grew in every region. Investors eye its results closely because Horton's low priced homes cater to rate sensitive first- and second-time home buyers. Zynga zoomed higher on an upgrade to "buy" from Jefferies. The investment bank said the fast growth of Zynga's mobile business with games like "Words with Friends" could offset the weakness in its web game business. Juniper Networks' shares swung to the downside- on news its CEO is leaving after just one year. Its chairman saying the now-former CEO's conduct was inconsistent with the board's expectations of senior management. In Europe, Vodafone's positive forecast helped bid up telecom stocks, and that sector helped stocks inch higher.