Tech leads S&P to record high
Benchmark S&P 500 and the blue-chip Dow Jones industrials posted weekly gains
Wall street, PHOTO: REUTERS
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 26th, 2017.
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 26th, 2017.