S&P 500, Nasdaq close with record highs as investors bet on online shopping

Nov. 27 (UPI) — The S&P 500 and the Nasdaq Composite both closed with record highs Friday, wrapping a strong week for markets at the start of the holiday shopping season.

The S&P 500 gained 0.3% to close at 3,638.35, and the Nasdaq Composite rose 0.9% to 12,205.85.

The Dow Jones Industrial Average rose 0.1% Friday to 29,910.37, an increase of 37.90 points from Thursday.

The Dow closed above 30,000 for the first time earlier this week, and all three markets saw gains for the week.

The Dow rose 2.2% and the S&P 500 gained 2.3% for the week, while the Nasdaq climbed 3%.

“What we’re witnessing today, this week and this month, is a continuation in the rise of optimism,” Mike Zigmont, head of trading and research at Harvest Volatility Management, said.

Analysts said investors were encouraged by continued positive news about COVID-19 vaccines, the White House transition and the beginning of the holiday shopping season.

Retailers led Friday’s surge, with the SPDR S&P Retail ETF rising 0.9%, following a record-setting day for online sales on Thanksgiving Day due to the COVID-19 pandemic.

According to Adobe Analytics, online retailers posted $5.1 billion in sales Thursday. On Friday, Etsy shares climbed 10.7%, Gamestop rose 9%, Amazon gained 0.3%, and Shopify climbed 1.5%.

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