Technology stocks led the S&P 500 and Nasdaq to record high closes on Black Friday, while Amazon and retail stocks got a boost from signs of a strong start to the holiday shopping season. Angela Moore reports.
Technology stocks led the S&P 500 and Nasdaq to record highs in a shortened session on Black Friday. Amazon and retail stocks got a boost from a strong start to the holiday shopping season. First American Trust's Jerry Braakman: (SOUNDBITE) JERRY BRAAKMAN, EXECUTIVE VICE PRESIDENT, CHIEF INVESTMENT OFFICER, MANAGING DIRECTOR, FIRST AMERICAN TRUST (ENGLISH) SAYING: "We saw some early notes from places like Amazon and Macy's that Black Friday's actually working out better than they've seen in the last few years and that's not terribly surprising considering the strength of the economy, the strength of the consumer, great stock market, obviously, putting some extra holiday cash in people's pockets." Shoppers went to stores to check out items, but hunted for better deals online. They spent close to $3 billion online on Thanksgiving, according to Adobe Analytics. And they'll spend a record $5 billion on Black Friday. Amazon stock got a boost. Macy's followed. Its chief executive told CNBC Macy's was doing better this year than a year ago. Kohl's, Gap, and J.C. Penney went along for the ride. On the flipside, Target fell. Analysts noted it closed its stores for several hours overnight, while rivals stayed open. Wal-Mart inched up. U.S. oil prices jumped on the partial closure of a key pipeline linking Canada and the United States. European shares ended little changed on Friday, with FTSE crossing to the red.