After the food coma come the record highs. The S&P 500 and Nasdaq hit fresh all-time highs on Friday amid muted trading on Black Friday.
The S&P 500 rose 0.2 per cent to notch a fresh intraday high of 2,602.02 — buoyed by a 0.5 per cent in both the materials and energy sectors and offset by a 0.5 per cent slide in telecoms.
The Dow Jones Industrial Average climbed 0.1 per cent to 23,559.45, while the Nasdaq Composite also rose 0.2 per cent to a fresh intraday record of 6,880.26.
Macy’s was the biggest gainer on the benchmark S&P 500 as Black Friday, the day after Thanksgiving, marked the traditional start of the American holiday shopping season.
This year 164m people, or 69 per cent of Americans, are expected to shop over the Thanksgiving weekend that begins on Thursday, covers Black Friday and extends through Cyber Monday.
While keeping an eye on retailers, investors are likely to turn their attention to the Senate vote on tax legislation next week and Federal Reserve chair Janet Yellen’s testimony before the Congressional Joint Economic Committee in Washington.
The dollar index, a gauge of the buck against a basket of six global peers, slid 0.5 per cent to 92.80. Meanwhile, the yield on US 10-year Treasuries rose 1.4 basis points to 92.80.
Markets were closed on Thursday in observance of the Thanksgiving holiday. The New York Stock Exchange is slated to close at 1pm ET on Friday.
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