U.S. Stock Indexes Touch Record Highs Led By Retailers; Trump Tweets “Need Wall, Ban” After Egyptian Terror Attack

U.S. stock indexes rose slightly higher on Friday during a shortened trading session with lower trading volume and boosted by strong gains from retail stocks such as Amazon, Gap, and Macy’s.

Online retailer Amazon rose 2.58 percent, Gap gained 10.59 percent, and shares of Macy’s increased 2.13 percent.

The Nasdaq closed at a record high of 6,889 (+.32 percent) while the S&P 500 touched an intraday record high and settled slightly lower at 2,602 (+ .21 percent). The Dow increased to 23,557 (+.14 percent).

According to an annual survey released by the National Retail Federation and Prosper Insights and Analytics, an estimated 164 million Americans are expected to shop during the Thanksgiving week-end.

For the first time in the survey’s history, the estimated holiday sales figures include Cyber Monday, Thanksgiving Day, Black Friday, and Small Business Saturday and Sunday.

Retailers stand to benefit this year from an additional shopping week-end in December compared to other holiday years.

“With an additional full shopping week-end this December, consumers will have plenty of time to browse and complete their holiday purchasing, whether it’s gifts for others or décor for their home” said Pam Goodfellow, Principal analyst at Prosper in a statement.

Based on a November 16th survey from the National Retail Federation and Prosper Insights and Analytics, young adults in the (18-24 yr. old) category are the most likely to show an increase in spending.

“As Gen Z and Millennials gets older, their purchasing power increases, and the rise in disposable income is sure to be seen by retailers” said Matthew Shay, President and CEO of National Retail Federation in a statement.

Spending on gift cards is expected to rise this year to $27.6 billion from $27.5 billion last year and remains the 2nd most popular gift after clothing purchases.

The most popular purchased gift cards include restaurants (36 percent), department stores (33 percent), Visa/MasterCard/American Express (24 percent), coffee shops (21 percent), and entertainment (18 percent).

Retail is the nation’s largest private sector employer that supports 1 in 4 U.S. jobs and contributes $2.6 trillion to annual GDP, according to the national retail federation.

Following Egypt Terrorist Attack, President Trump Tweets “Need Wall, Ban” 

After a deadly terror attack on Friday at a Sufi Mosque in Egypt’s Sinai Peninsula that killed 235 people and injured over 100, President Trump used the tragic incident in Egypt to make a political statement about the U.S. needing the WALL and BAN.

Earlier on Friday, President Trump tweeted that “the world cannot tolerate terrorism, we must defeat them militarily and discredit the extremist ideology that forms the basis of their existence!”

Written and Edited By:

John Schweitzer

@SchweitzFinance

@Schweitz31

schweitz31@gmail.com

 

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