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Will Thanksgiving shopping binge become Black Friday hangover?


NEW YORK (Reuters) – An early start to this year’s U.S. holiday Shopping season may not necessarily ring-up bigger holiday sales for retailers.

Eager to entice cautious consumers, especially with six fewer shopping days this year than in 2012, many retailers offered sales on Thanksgiving, traditionally a day for family, friends and football games. Even Macy’s flagship store in New York opened at 8 p.m., the first time ever on the American holiday.

As a result, some U.S. shoppers may have hit malls and stores on Thanksgiving, rather than during the traditional “Black Friday” blitz.

By late morning, the number of shoppers in many stores more closely resembled a normal Saturday than the usual frenzied Black Friday kickoff to the holiday season.

“It’s a lot less than I thought,” said Alison Goodwin, from Horsham, Pennsylvania, who ventured to the Willow Grove Park mall the day after Thanksgiving in search of holiday gifts and maybe a treat for herself.

“It’s like any weekend in December,” Goodwin said of the size of the crowd.

Terry Lundgren, Macy’s Inc Chief Executive, said the Thanksgiving flagship Manhattan store opening lured an estimated 15,000 shoppers. Roughly 11,000 shoppers turned out at the store for last year’s Black Friday midnight open.

“It’s not just spreading out traffic over last year but it’s also increasing it,” Lundgren said of the department store overall. He declined to say how much he expects the additional shopping to increase sales.

The National Retail Federation is predicting that holiday sales will increase a marginal 3.9 percent to $602.1 billion, leaving retailers to battle for a bigger slice of that somewhat larger pie.

This year’s holiday shopping results likely will mimic the slow-growing U.S. economy and leave little to write home about, said Can Erbil, an adjunct associate professor of economics at Boston College.

“Last year’s shopping season was actually pretty bad. The Connecticut school shootings, Hurricane Sandy, and fiscal cliff fears really hit the shopping season hard. So the benchmark is low,” Erbil said.

Thanksgiving proved bright for one sliver of retail – online sales.

Overall Thanksgiving online sales were up 19.7 percent from last year and the average order value was $127.59, according to IBM Digital Analytics Benchmark.

Early Black Friday turnout was thin at Willow Grove Park mall, in a Philadelphia suburb.

Early morning shoppers included Emily Arkowitz and Ashlee Ryan, two friends on their first-ever Black Friday excursion and browsing at an HM clothing store at 7:30 a.m. EST.

“We walked in thinking that all the clothes would be gone,” said Arkowitz of Haverford, Pennsylania.

The store sold out of many specials, according to a manager, but many Black Friday deals were still advertised on clothing racks, including a $4.95 sweater and $14.95 dress.

Turned off by crowds and last night’s long lines at a nearby Abercrombie Fitch, Pranav Trivedi, a shopper from Willow Grove, Pennsylvania, went home, napped, and returned early on Friday.

“I didn’t want to waste my time like that,” he said.

While shoppers snapped up sale priced flat-screen televisions at stores like Target, Walmart and Best Buy – not everyone was impressed by the “deals” being touted by retailers.

For Luis Figueiro, a retired Brazilian on vacation in New York, Black Friday ended early. “This is madness,” he said, sitting in a massage chair, pointing at the crowd at Macy’s flagship store on Thanksgiving night. “There are so many people here, you can’t see any of the things on sale.”

His wife, Irene, traveled with him from Rio with Black Friday deals in mind, but was disappointed to find that many items were not discounted.

“If someone comes without a clear notion of prices, it awakens something in you. But if you know what the items usually cost, you aren’t fazed,” she said.

Wal-Mart Stores Inc U.S. Chief Executive Bill Simon said Thanksgiving visits to its stores surpassed last year’s 22 million mark, although a swarm of online shoppers crashed its online site.

“We are encouraged by the start to the Black Friday shopping weekend,” Simon told CNN.

(Corrects spelling of town’s name to Haverford in sixteenth paragraph)

(Reporting by Suzanne Barlyn in Philadelphia; Dhanya Skariachan, Phil Wahba, Marina Lopes and David Brunnstrom in New York; Lisa Baertlein in Los Angeles; editing by Andrew Hay)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/4eRRbaTEUWU/story01.htm

Will Thanksgiving shopping binge become Black Friday hangover?


NEW YORK (Reuters) – An early start to this year’s U.S. holiday Shopping season may not necessarily ring-up bigger holiday sales for retailers.

Eager to entice cautious consumers, especially with six fewer shopping days this year than in 2012, many retailers offered sales on Thanksgiving, traditionally a day for family, friends and football games. Even Macy’s flagship store in New York opened at 8 p.m., the first time ever on the American holiday.

As a result, some U.S. shoppers may have hit malls and stores on Thanksgiving, rather than during the traditional “Black Friday” blitz.

By late morning, the number of shoppers in many stores more closely resembled a normal Saturday than the usual frenzied Black Friday kickoff to the holiday season.

“It’s a lot less than I thought,” said Alison Goodwin, from Horsham, Pennsylvania, who ventured to the Willow Grove Park mall the day after Thanksgiving in search of holiday gifts and maybe a treat for herself.

“It’s like any weekend in December,” Goodwin said of the size of the crowd.

Terry Lundgren, Macy’s Inc Chief Executive, said the Thanksgiving flagship Manhattan store opening lured an estimated 15,000 shoppers. Roughly 11,000 shoppers turned out at the store for last year’s Black Friday midnight open.

“It’s not just spreading out traffic over last year but it’s also increasing it,” Lundgren said of the department store overall. He declined to say how much he expects the additional shopping to increase sales.

The National Retail Federation is predicting that holiday sales will increase a marginal 3.9 percent to $602.1 billion, leaving retailers to battle for a bigger slice of that somewhat larger pie.

This year’s holiday shopping results likely will mimic the slow-growing U.S. economy and leave little to write home about, said Can Erbil, an adjunct associate professor of economics at Boston College.

“Last year’s shopping season was actually pretty bad. The Connecticut school shootings, Hurricane Sandy, and fiscal cliff fears really hit the shopping season hard. So the benchmark is low,” Erbil said.

Thanksgiving proved bright for one sliver of retail – online sales.

Overall Thanksgiving online sales were up 19.7 percent from last year and the average order value was $127.59, according to IBM Digital Analytics Benchmark.

Early Black Friday turnout was thin at Willow Grove Park mall, in a Philadelphia suburb.

Early morning shoppers included Emily Arkowitz and Ashlee Ryan, two friends on their first-ever Black Friday excursion and browsing at an HM clothing store at 7:30 a.m. EST.

“We walked in thinking that all the clothes would be gone,” said Arkowitz of Haverford, Pennsylania.

The store sold out of many specials, according to a manager, but many Black Friday deals were still advertised on clothing racks, including a $4.95 sweater and $14.95 dress.

Turned off by crowds and last night’s long lines at a nearby Abercrombie Fitch, Pranav Trivedi, a shopper from Willow Grove, Pennsylvania, went home, napped, and returned early on Friday.

“I didn’t want to waste my time like that,” he said.

While shoppers snapped up sale priced flat-screen televisions at stores like Target, Walmart and Best Buy – not everyone was impressed by the “deals” being touted by retailers.

For Luis Figueiro, a retired Brazilian on vacation in New York, Black Friday ended early. “This is madness,” he said, sitting in a massage chair, pointing at the crowd at Macy’s flagship store on Thanksgiving night. “There are so many people here, you can’t see any of the things on sale.”

His wife, Irene, traveled with him from Rio with Black Friday deals in mind, but was disappointed to find that many items were not discounted.

“If someone comes without a clear notion of prices, it awakens something in you. But if you know what the items usually cost, you aren’t fazed,” she said.

Wal-Mart Stores Inc U.S. Chief Executive Bill Simon said Thanksgiving visits to its stores surpassed last year’s 22 million mark, although a swarm of online shoppers crashed its online site.

“We are encouraged by the start to the Black Friday shopping weekend,” Simon told CNN.

(Corrects spelling of town’s name to Haverford in sixteenth paragraph)

(Reporting by Suzanne Barlyn in Philadelphia; Dhanya Skariachan, Phil Wahba, Marina Lopes and David Brunnstrom in New York; Lisa Baertlein in Los Angeles; editing by Andrew Hay)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/4eRRbaTEUWU/story01.htm

Will Thanksgiving shopping binge become Black Friday hangover?


NEW YORK (Reuters) – An early start to this year’s U.S. holiday Shopping season may not necessarily ring-up bigger holiday sales for retailers.

Eager to entice cautious consumers, especially with six fewer shopping days this year than in 2012, many retailers offered sales on Thanksgiving, traditionally a day for family, friends and football games. Even Macy’s flagship store in New York opened at 8 p.m., the first time ever on the American holiday.

As a result, some U.S. shoppers may have hit malls and stores on Thanksgiving, rather than during the traditional “Black Friday” blitz.

By late morning, the number of shoppers in many stores more closely resembled a normal Saturday than the usual frenzied Black Friday kickoff to the holiday season.

“It’s a lot less than I thought,” said Alison Goodwin, from Horsham, Pennsylvania, who ventured to the Willow Grove Park mall the day after Thanksgiving in search of holiday gifts and maybe a treat for herself.

“It’s like any weekend in December,” Goodwin said of the size of the crowd.

Terry Lundgren, Macy’s Inc Chief Executive, said the Thanksgiving flagship Manhattan store opening lured an estimated 15,000 shoppers. Roughly 11,000 shoppers turned out at the store for last year’s Black Friday midnight open.

“It’s not just spreading out traffic over last year but it’s also increasing it,” Lundgren said of the department store overall. He declined to say how much he expects the additional shopping to increase sales.

The National Retail Federation is predicting that holiday sales will increase a marginal 3.9 percent to $602.1 billion, leaving retailers to battle for a bigger slice of that somewhat larger pie.

This year’s holiday shopping results likely will mimic the slow-growing U.S. economy and leave little to write home about, said Can Erbil, an adjunct associate professor of economics at Boston College.

“Last year’s shopping season was actually pretty bad. The Connecticut school shootings, Hurricane Sandy, and fiscal cliff fears really hit the shopping season hard. So the benchmark is low,” Erbil said.

Thanksgiving proved bright for one sliver of retail – online sales.

Overall Thanksgiving online sales were up 19.7 percent from last year and the average order value was $127.59, according to IBM Digital Analytics Benchmark.

Early Black Friday turnout was thin at Willow Grove Park mall, in a Philadelphia suburb.

Early morning shoppers included Emily Arkowitz and Ashlee Ryan, two friends on their first-ever Black Friday excursion and browsing at an HM clothing store at 7:30 a.m. EST.

“We walked in thinking that all the clothes would be gone,” said Arkowitz of Haverford, Pennsylania.

The store sold out of many specials, according to a manager, but many Black Friday deals were still advertised on clothing racks, including a $4.95 sweater and $14.95 dress.

Turned off by crowds and last night’s long lines at a nearby Abercrombie Fitch, Pranav Trivedi, a shopper from Willow Grove, Pennsylvania, went home, napped, and returned early on Friday.

“I didn’t want to waste my time like that,” he said.

While shoppers snapped up sale priced flat-screen televisions at stores like Target, Walmart and Best Buy – not everyone was impressed by the “deals” being touted by retailers.

For Luis Figueiro, a retired Brazilian on vacation in New York, Black Friday ended early. “This is madness,” he said, sitting in a massage chair, pointing at the crowd at Macy’s flagship store on Thanksgiving night. “There are so many people here, you can’t see any of the things on sale.”

His wife, Irene, traveled with him from Rio with Black Friday deals in mind, but was disappointed to find that many items were not discounted.

“If someone comes without a clear notion of prices, it awakens something in you. But if you know what the items usually cost, you aren’t fazed,” she said.

Wal-Mart Stores Inc U.S. Chief Executive Bill Simon said Thanksgiving visits to its stores surpassed last year’s 22 million mark, although a swarm of online shoppers crashed its online site.

“We are encouraged by the start to the Black Friday shopping weekend,” Simon told CNN.

(Corrects spelling of town’s name to Haverford in sixteenth paragraph)

(Reporting by Suzanne Barlyn in Philadelphia; Dhanya Skariachan, Phil Wahba, Marina Lopes and David Brunnstrom in New York; Lisa Baertlein in Los Angeles; editing by Andrew Hay)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/4eRRbaTEUWU/story01.htm

Will Thanksgiving shopping binge become Black Friday hangover?


NEW YORK (Reuters) – An early start to this year’s U.S. holiday Shopping season may not necessarily ring-up bigger holiday sales for retailers.

Eager to entice cautious consumers, especially with six fewer shopping days this year than in 2012, many retailers offered sales on Thanksgiving, traditionally a day for family, friends and football games. Even Macy’s flagship store in New York opened at 8 p.m., the first time ever on the American holiday.

As a result, some U.S. shoppers may have hit malls and stores on Thanksgiving, rather than during the traditional “Black Friday” blitz.

By late morning, the number of shoppers in many stores more closely resembled a normal Saturday than the usual frenzied Black Friday kickoff to the holiday season.

“It’s a lot less than I thought,” said Alison Goodwin, from Horsham, Pennsylvania, who ventured to the Willow Grove Park mall the day after Thanksgiving in search of holiday gifts and maybe a treat for herself.

“It’s like any weekend in December,” Goodwin said of the size of the crowd.

Terry Lundgren, Macy’s Inc Chief Executive, said the Thanksgiving flagship Manhattan store opening lured an estimated 15,000 shoppers. Roughly 11,000 shoppers turned out at the store for last year’s Black Friday midnight open.

“It’s not just spreading out traffic over last year but it’s also increasing it,” Lundgren said of the department store overall. He declined to say how much he expects the additional shopping to increase sales.

The National Retail Federation is predicting that holiday sales will increase a marginal 3.9 percent to $602.1 billion, leaving retailers to battle for a bigger slice of that somewhat larger pie.

This year’s holiday shopping results likely will mimic the slow-growing U.S. economy and leave little to write home about, said Can Erbil, an adjunct associate professor of economics at Boston College.

“Last year’s shopping season was actually pretty bad. The Connecticut school shootings, Hurricane Sandy, and fiscal cliff fears really hit the shopping season hard. So the benchmark is low,” Erbil said.

Thanksgiving proved bright for one sliver of retail – online sales.

Overall Thanksgiving online sales were up 19.7 percent from last year and the average order value was $127.59, according to IBM Digital Analytics Benchmark.

Early Black Friday turnout was thin at Willow Grove Park mall, in a Philadelphia suburb.

Early morning shoppers included Emily Arkowitz and Ashlee Ryan, two friends on their first-ever Black Friday excursion and browsing at an HM clothing store at 7:30 a.m. EST.

“We walked in thinking that all the clothes would be gone,” said Arkowitz of Haverford, Pennsylania.

The store sold out of many specials, according to a manager, but many Black Friday deals were still advertised on clothing racks, including a $4.95 sweater and $14.95 dress.

Turned off by crowds and last night’s long lines at a nearby Abercrombie Fitch, Pranav Trivedi, a shopper from Willow Grove, Pennsylvania, went home, napped, and returned early on Friday.

“I didn’t want to waste my time like that,” he said.

While shoppers snapped up sale priced flat-screen televisions at stores like Target, Walmart and Best Buy – not everyone was impressed by the “deals” being touted by retailers.

For Luis Figueiro, a retired Brazilian on vacation in New York, Black Friday ended early. “This is madness,” he said, sitting in a massage chair, pointing at the crowd at Macy’s flagship store on Thanksgiving night. “There are so many people here, you can’t see any of the things on sale.”

His wife, Irene, traveled with him from Rio with Black Friday deals in mind, but was disappointed to find that many items were not discounted.

“If someone comes without a clear notion of prices, it awakens something in you. But if you know what the items usually cost, you aren’t fazed,” she said.

Wal-Mart Stores Inc U.S. Chief Executive Bill Simon said Thanksgiving visits to its stores surpassed last year’s 22 million mark, although a swarm of online shoppers crashed its online site.

“We are encouraged by the start to the Black Friday shopping weekend,” Simon told CNN.

(Corrects spelling of town’s name to Haverford in sixteenth paragraph)

(Reporting by Suzanne Barlyn in Philadelphia; Dhanya Skariachan, Phil Wahba, Marina Lopes and David Brunnstrom in New York; Lisa Baertlein in Los Angeles; editing by Andrew Hay)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/4eRRbaTEUWU/story01.htm

Will Thanksgiving shopping binge become Black Friday hangover?


NEW YORK (Reuters) – An early start to this year’s U.S. holiday Shopping season may not necessarily ring-up bigger holiday sales for retailers.

Eager to entice cautious consumers, especially with six fewer shopping days this year than in 2012, many retailers offered sales on Thanksgiving, traditionally a day for family, friends and football games. Even Macy’s flagship store in New York opened at 8 p.m., the first time ever on the American holiday.

As a result, some U.S. shoppers may have hit malls and stores on Thanksgiving, rather than during the traditional “Black Friday” blitz.

By late morning, the number of shoppers in many stores more closely resembled a normal Saturday than the usual frenzied Black Friday kickoff to the holiday season.

“It’s a lot less than I thought,” said Alison Goodwin, from Horsham, Pennsylvania, who ventured to the Willow Grove Park mall the day after Thanksgiving in search of holiday gifts and maybe a treat for herself.

“It’s like any weekend in December,” Goodwin said of the size of the crowd.

Terry Lundgren, Macy’s Inc Chief Executive, said the Thanksgiving flagship Manhattan store opening lured an estimated 15,000 shoppers. Roughly 11,000 shoppers turned out at the store for last year’s Black Friday midnight open.

“It’s not just spreading out traffic over last year but it’s also increasing it,” Lundgren said of the department store overall. He declined to say how much he expects the additional shopping to increase sales.

The National Retail Federation is predicting that holiday sales will increase a marginal 3.9 percent to $602.1 billion, leaving retailers to battle for a bigger slice of that somewhat larger pie.

This year’s holiday shopping results likely will mimic the slow-growing U.S. economy and leave little to write home about, said Can Erbil, an adjunct associate professor of economics at Boston College.

“Last year’s shopping season was actually pretty bad. The Connecticut school shootings, Hurricane Sandy, and fiscal cliff fears really hit the shopping season hard. So the benchmark is low,” Erbil said.

Thanksgiving proved bright for one sliver of retail – online sales.

Overall Thanksgiving online sales were up 19.7 percent from last year and the average order value was $127.59, according to IBM Digital Analytics Benchmark.

Early Black Friday turnout was thin at Willow Grove Park mall, in a Philadelphia suburb.

Early morning shoppers included Emily Arkowitz and Ashlee Ryan, two friends on their first-ever Black Friday excursion and browsing at an HM clothing store at 7:30 a.m. EST.

“We walked in thinking that all the clothes would be gone,” said Arkowitz of Haverford, Pennsylania.

The store sold out of many specials, according to a manager, but many Black Friday deals were still advertised on clothing racks, including a $4.95 sweater and $14.95 dress.

Turned off by crowds and last night’s long lines at a nearby Abercrombie Fitch, Pranav Trivedi, a shopper from Willow Grove, Pennsylvania, went home, napped, and returned early on Friday.

“I didn’t want to waste my time like that,” he said.

While shoppers snapped up sale priced flat-screen televisions at stores like Target, Walmart and Best Buy – not everyone was impressed by the “deals” being touted by retailers.

For Luis Figueiro, a retired Brazilian on vacation in New York, Black Friday ended early. “This is madness,” he said, sitting in a massage chair, pointing at the crowd at Macy’s flagship store on Thanksgiving night. “There are so many people here, you can’t see any of the things on sale.”

His wife, Irene, traveled with him from Rio with Black Friday deals in mind, but was disappointed to find that many items were not discounted.

“If someone comes without a clear notion of prices, it awakens something in you. But if you know what the items usually cost, you aren’t fazed,” she said.

Wal-Mart Stores Inc U.S. Chief Executive Bill Simon said Thanksgiving visits to its stores surpassed last year’s 22 million mark, although a swarm of online shoppers crashed its online site.

“We are encouraged by the start to the Black Friday shopping weekend,” Simon told CNN.

(Corrects spelling of town’s name to Haverford in sixteenth paragraph)

(Reporting by Suzanne Barlyn in Philadelphia; Dhanya Skariachan, Phil Wahba, Marina Lopes and David Brunnstrom in New York; Lisa Baertlein in Los Angeles; editing by Andrew Hay)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/4eRRbaTEUWU/story01.htm

Nasdaq ends brief post-holiday session at 13-year high


NEW YORK (Reuters) – The Dow and the SP 500 dipped in thin holiday trading on Friday, but technology stocks helped lift the Nasdaq to a 13-year high.

The Nasdaq got a boost from the technology sector, with Apple (AAPL.O) up 1.9 percent at $556.07, Microsoft Corp (MSFT.O) up 1.4 percent at $38.13 and Amazon Inc (AMZN.O) up 1.8 percent at $393.62.

“It’s almost as if people are rotating into the bigger blue-chip names, especially the technology big caps. We wouldn’t be shocked at all to see the small and mid-cap names lag a little bit,” said Ryan Detrick, senior technical strategist with Schaeffer’s Investment Research, in Cincinnati.

But with the both the SP and Dow on an eight-week winning streak, investors may be cautious in adding new positions.

“We expect, and we recommend to our clients, that if they have exceeded their strategic allocation to equities, to take profit at these levels,” said Paul Mangus, head of equity research and strategy for Wells Fargo Private Bank, in Charlotte, N.C.

Volume was light, with slightly over 2 billion shares traded on all U.S. platforms, according to BATS exchange data, as many U.S. investors remained out following the Thanksgiving holiday on Thursday. The U.S. stock market ended its regular session three hours early at 1 p.m..

The Dow Jones industrial average .DJI fell 10.92 points or 0.07 percent, to end at 16,086.41. The SP 500 .SPX slipped 1.42 points or 0.08 percent, to finish at 1,805.81. But the Nasdaq Composite .IXIC added 15.136 points or 0.37 percent, to close at 4,059.886.

Retail stocks were in focus as the holiday shopping season gets under way. Many stores opened on Thanksgiving for the first time ever this year, but stores had to resort to steep discounts and shoppers appeared to be making careful purchases.

The SP retail index .SPXRT rose 0.3 percent. Among some of the most active retail names, Target Corp (TGT.N) declined 0.8 percent to $63.93, Best Buy Co Inc (BBY.N) jumped 2.4 percent to $40.55, and J.C. Penney Co (JCP.N) gained 1.1 percent to $10.19.

In the health-care sector, CVS Caremark Corp (CVS.N) shares gained 0.3 percent to $66.96 after Wednesday’s news that CVS will buy drug infusion services provider Coram LLC for $2.1 billion. The transaction will let CVS Caremark bolster its pharmacy benefits management business by offering cost-effective delivery of specialty drugs.

(Editing by Jan Paschal)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/FDkCf4zu1Nw/story01.htm

Nasdaq ends brief post-holiday session at 13-year high


NEW YORK (Reuters) – The Dow and the SP 500 dipped in thin holiday trading on Friday, but technology stocks helped lift the Nasdaq to a 13-year high.

The Nasdaq got a boost from the technology sector, with Apple (AAPL.O) up 1.9 percent at $556.07, Microsoft Corp (MSFT.O) up 1.4 percent at $38.13 and Amazon Inc (AMZN.O) up 1.8 percent at $393.62.

“It’s almost as if people are rotating into the bigger blue-chip names, especially the technology big caps. We wouldn’t be shocked at all to see the small and mid-cap names lag a little bit,” said Ryan Detrick, senior technical strategist with Schaeffer’s Investment Research, in Cincinnati.

But with the both the SP and Dow on an eight-week winning streak, investors may be cautious in adding new positions.

“We expect, and we recommend to our clients, that if they have exceeded their strategic allocation to equities, to take profit at these levels,” said Paul Mangus, head of equity research and strategy for Wells Fargo Private Bank, in Charlotte, N.C.

Volume was light, with slightly over 2 billion shares traded on all U.S. platforms, according to BATS exchange data, as many U.S. investors remained out following the Thanksgiving holiday on Thursday. The U.S. stock market ended its regular session three hours early at 1 p.m..

The Dow Jones industrial average .DJI fell 10.92 points or 0.07 percent, to end at 16,086.41. The SP 500 .SPX slipped 1.42 points or 0.08 percent, to finish at 1,805.81. But the Nasdaq Composite .IXIC added 15.136 points or 0.37 percent, to close at 4,059.886.

Retail stocks were in focus as the holiday shopping season gets under way. Many stores opened on Thanksgiving for the first time ever this year, but stores had to resort to steep discounts and shoppers appeared to be making careful purchases.

The SP retail index .SPXRT rose 0.3 percent. Among some of the most active retail names, Target Corp (TGT.N) declined 0.8 percent to $63.93, Best Buy Co Inc (BBY.N) jumped 2.4 percent to $40.55, and J.C. Penney Co (JCP.N) gained 1.1 percent to $10.19.

In the health-care sector, CVS Caremark Corp (CVS.N) shares gained 0.3 percent to $66.96 after Wednesday’s news that CVS will buy drug infusion services provider Coram LLC for $2.1 billion. The transaction will let CVS Caremark bolster its pharmacy benefits management business by offering cost-effective delivery of specialty drugs.

(Editing by Jan Paschal)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/FDkCf4zu1Nw/story01.htm

Nasdaq ends brief post-holiday session at 13-year high


NEW YORK (Reuters) – The Dow and the SP 500 dipped in thin holiday trading on Friday, but technology stocks helped lift the Nasdaq to a 13-year high.

The Nasdaq got a boost from the technology sector, with Apple (AAPL.O) up 1.9 percent at $556.07, Microsoft Corp (MSFT.O) up 1.4 percent at $38.13 and Amazon Inc (AMZN.O) up 1.8 percent at $393.62.

“It’s almost as if people are rotating into the bigger blue-chip names, especially the technology big caps. We wouldn’t be shocked at all to see the small and mid-cap names lag a little bit,” said Ryan Detrick, senior technical strategist with Schaeffer’s Investment Research, in Cincinnati.

But with the both the SP and Dow on an eight-week winning streak, investors may be cautious in adding new positions.

“We expect, and we recommend to our clients, that if they have exceeded their strategic allocation to equities, to take profit at these levels,” said Paul Mangus, head of equity research and strategy for Wells Fargo Private Bank, in Charlotte, N.C.

Volume was light, with slightly over 2 billion shares traded on all U.S. platforms, according to BATS exchange data, as many U.S. investors remained out following the Thanksgiving holiday on Thursday. The U.S. stock market ended its regular session three hours early at 1 p.m..

The Dow Jones industrial average .DJI fell 10.92 points or 0.07 percent, to end at 16,086.41. The SP 500 .SPX slipped 1.42 points or 0.08 percent, to finish at 1,805.81. But the Nasdaq Composite .IXIC added 15.136 points or 0.37 percent, to close at 4,059.886.

Retail stocks were in focus as the holiday shopping season gets under way. Many stores opened on Thanksgiving for the first time ever this year, but stores had to resort to steep discounts and shoppers appeared to be making careful purchases.

The SP retail index .SPXRT rose 0.3 percent. Among some of the most active retail names, Target Corp (TGT.N) declined 0.8 percent to $63.93, Best Buy Co Inc (BBY.N) jumped 2.4 percent to $40.55, and J.C. Penney Co (JCP.N) gained 1.1 percent to $10.19.

In the health-care sector, CVS Caremark Corp (CVS.N) shares gained 0.3 percent to $66.96 after Wednesday’s news that CVS will buy drug infusion services provider Coram LLC for $2.1 billion. The transaction will let CVS Caremark bolster its pharmacy benefits management business by offering cost-effective delivery of specialty drugs.

(Editing by Jan Paschal)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/FDkCf4zu1Nw/story01.htm

Nasdaq ends brief post-holiday session at 13-year high


NEW YORK (Reuters) – The Dow and the SP 500 dipped in thin holiday trading on Friday, but technology stocks helped lift the Nasdaq to a 13-year high.

The Nasdaq got a boost from the technology sector, with Apple (AAPL.O) up 1.9 percent at $556.07, Microsoft Corp (MSFT.O) up 1.4 percent at $38.13 and Amazon Inc (AMZN.O) up 1.8 percent at $393.62.

“It’s almost as if people are rotating into the bigger blue-chip names, especially the technology big caps. We wouldn’t be shocked at all to see the small and mid-cap names lag a little bit,” said Ryan Detrick, senior technical strategist with Schaeffer’s Investment Research, in Cincinnati.

But with the both the SP and Dow on an eight-week winning streak, investors may be cautious in adding new positions.

“We expect, and we recommend to our clients, that if they have exceeded their strategic allocation to equities, to take profit at these levels,” said Paul Mangus, head of equity research and strategy for Wells Fargo Private Bank, in Charlotte, N.C.

Volume was light, with slightly over 2 billion shares traded on all U.S. platforms, according to BATS exchange data, as many U.S. investors remained out following the Thanksgiving holiday on Thursday. The U.S. stock market ended its regular session three hours early at 1 p.m..

The Dow Jones industrial average .DJI fell 10.92 points or 0.07 percent, to end at 16,086.41. The SP 500 .SPX slipped 1.42 points or 0.08 percent, to finish at 1,805.81. But the Nasdaq Composite .IXIC added 15.136 points or 0.37 percent, to close at 4,059.886.

Retail stocks were in focus as the holiday shopping season gets under way. Many stores opened on Thanksgiving for the first time ever this year, but stores had to resort to steep discounts and shoppers appeared to be making careful purchases.

The SP retail index .SPXRT rose 0.3 percent. Among some of the most active retail names, Target Corp (TGT.N) declined 0.8 percent to $63.93, Best Buy Co Inc (BBY.N) jumped 2.4 percent to $40.55, and J.C. Penney Co (JCP.N) gained 1.1 percent to $10.19.

In the health-care sector, CVS Caremark Corp (CVS.N) shares gained 0.3 percent to $66.96 after Wednesday’s news that CVS will buy drug infusion services provider Coram LLC for $2.1 billion. The transaction will let CVS Caremark bolster its pharmacy benefits management business by offering cost-effective delivery of specialty drugs.

(Editing by Jan Paschal)

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