NEW YORK, Dec 27, 2019 (BSS/AFP) – The tech-rich Nasdaq finished above
9,000 for the first time on Thursday, powering to its 10th straight record on
gains by Amazon and other tech giants.
The Nasdaq surged 0.8 percent to finish the post-holiday session at
9,022.39.
The other two major indices also finished at records in a sleepy post-
Christmas trading day when overseas markets were closed.
The Dow Jones Industrial Average added 0.4 percent to end at 28,621.39,
while the broad-based S&P 500 gained 0.5 percent to close at 3,230.91.
A report by Mastercard Spending Plus estimated that holiday shopping sales
rose 3.4 percent this year, which was better than expected, with e-commerce
taking a bigger bite of overall sales.
E-commerce behemoth Amazon jumped 4.5 percent after boasting of another
“record” performance this season.
Most other retailers rose at least somewhat, with Gap gaining 1.7 percent,
Target 0.3 percent and Walmart 0.1 percent.
Briefing.com analyst Patrick O’Hare said the latest run of records
reflects upbeat investor sentiment based on a lower risk of recession anytime
soon, a mellowing of US-China trade tensions and accommodative monetary
policy.
“In general the market will be supported and there will be an inclination
to buy the dip in the absence of negative news shocks,” O’Hare said.
Besides Amazon, other tech giants including Apple, Google parent Alphabet
and Facebook all gained at least one percent.
But Dow member Boeing remained under pressure, shedding another 0.9
percent after a House investigative committee said earlier in the week that
it obtained more records on the 737 MAX showing “very disturbing” signs about
the aviation giant’s approach to safety, according to a congressional aide.
Meanwhile, oil prices finished at a three-month high following industry
data showing lower US oil inventories.