Energy Lifts Stocks After Holiday 11/24 09:27
U.S. stocks are rising Friday as retailers climb at the start of the
post-Thanksgiving shopping period.
NEW YORK (AP) -- U.S. stocks are rising Friday as retailers climb at the
start of the post-Thanksgiving shopping period. Energy companies rose after
Bloomberg reported that a group of key oil producers plans to extend their cuts
in production until the end of 2018.
KEEPING SCORE: The Standard & Poor's 500 index rose 4 points, or 0.2
percent, to 2,601 as of 10:05 a.m. Eastern time. The Dow Jones industrial
average added 41 points, or 0.2 percent, to 23,567. The Nasdaq composite gained
11 points, or 0.2 percent, to 6,878 after it closed at a record high Wednesday.
The Russell 2000 index of smaller companies edged up 1 point, or 0.1 percent,
Trading was expected to be muted after the Thanksgiving holiday. U.S.
markets will close at 1 p.m. ET.
OIL: U.S. benchmark crude rose 71 cents, or 1.2 percent, to $58.73 a barrel
in New York. Brent crude, used to price international oils, gained 1 cent to
$63.5 a barrel in London.
Bloomberg reported that the nations of OPEC and Russia have agreed to extend
their latest cuts in oil production until the end of 2018. OPEC and a group of
other important oil producers will meet in Vienna at the end of the month to
discuss cuts they announced one year ago and implemented at the start of 2017.
Hess gained 71 cents, or 1.6 percent, to $44.16 and Chevron advanced 80
cents to $116.71.
AMAZ-OFF: Workers at six Amazon distribution centers in Germany and another
in Italy went on strike in a protest timed to coincide with Black Friday.
They're seeking better wages. The one-day labor action didn't affect Amazon's
stock, which rose $17.67, or 1.5 percent, to $1,173.83.
Other retailers traded higher as well. Experts are mostly predicting strong
sales over the holiday shopping period because of increased consumer confidence
and a very low unemployment rate. The National Retail Federation trade group
expects sales for that period to at least match last year's rise of 3.6 percent
and estimates online spending and other non-store sales will rise 11 to 15
Big retailers like Wal-Mart and Urban Outfitters and Gap have also reported
strong quarterly results recently. On Friday, Macy's jumped 81 cents, or 3.9
percent, to $21.44 and Gap added 51 cents, or 1.7 percent, to $29.68. Best Buy
picked up 33 cents to $56.82.
SOMETHING TO BE THANKFUL FOR: Amazon, along with tech giants Apple,
Facebook, Microsoft and Google's parent company Alphabet, have played a huge
role in the market's gains this year. Those five companies combined are
responsible for more than one-fourth of the value the S&P 500 has gained this
year. Amazon is trading at all-time highs and the other four set record highs
earlier this month.
CURRENCIES: The dollar strengthened to 111.35 yen from 111.22 yen. The euro
strengthened to $1.1881 from $1.1854.
BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.33
percent from 2.32 percent late Wednesday.
CURRENCIES: The dollar fell to 111.40 yen from 111.77 yen. The euro rose to
$1.1916 from $1.1822.
OVERSEAS: France's CAC 40 rose 0.3 percent and the DAX in Germany gained 0.5
percent. Britain's FTSE 100 slipped 0.1 percent. Japan's benchmark Nikkei 225
index rose 0.1 percent while the Hang Seng in Hong Kong rebounded 0.5 percent
and South Korea's Kospi added 0.3 percent.