Tech leads S&P to record high

Benchmark S&P 500 and the blue-chip Dow Jones industrials posted weekly gains

NEW YORK: Technology 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 signs of a strong start to the holiday shopping season. The benchmark S&P 500 and the blue-chip Dow Jones industrials posted weekly gains for the first time in three weeks while the Nasdaq Composite posted its best weekly performance since the week to September 1. The S&P retail index rose 0.75% and hit a record intraday high, led by Amazon’s 2.6% gain. “In the retail environment, Amazon is extremely important - the fact that Amazon continued to soar bodes well for the fourth-quarter holiday shopping season and it bodes well for Wall Street,” said Adam Sarhan, chief executive of 50 Park Investments.

Published in The Express Tribune, November 26^th, 2017.

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