Dow Jones Industrial Average
(INDEXRUSSELL:RUT) all made record highs on Black Friday before
dipping late in the day. The NASDAQ Composite (INDEXNASDAQ:.IXIC)
also made a new post-dot-com-bubble high as tech stocks showed
There were no domestic economic or earnings reports today, and with
a lack of market-moving news, the bulls simply resumed the recent
action -- as in, steadily up. But given that the Friday after
Thanksgiving is typically low volume, it wouldn't take much to get
things moving higher.
Technology was the top-performing sector of the day, driven by
). The iPhone maker was boosted by a report from market research
firm Kantar Worldpanel ComTech that said Apple accounted for 76% of
October smartphone sales in Japan.
However, stocks dipped in the last hour of trading, and the S&P
and Dow actually finished lower. At one point in the day, all
S&P sectors were in the green, but by day's end, only tech and
consumer discretionary were positive.
In terms of holiday retail sales news,
) Benchmark data service said that online sales rose 19.7% on
We're likely to see more of these types of estimates throughout
next week, but it should be noted that they often don't correlate
much in terms of actual earnings results for publicly traded
On the international front, the EU said that inflation was 0.9% in
October, above expectations but below the 2% target. Eurozone
unemployment was below expectations at 12.1%.
And Canada reported that its third-quarter GDP rose by 2.7% vs. the
Monday's Financial Outlook
We may finally get some real market action on Monday as we'll kick
off a very busy week for economic data with the important November
ISM Index, and the September/October construction spending numbers.
We'll also receive the Markit US PMI.
There are also some international data points coming, including
China's HSBC/Markit Manufacturing PMI, and PMI numbers from the
eurozone, Germany, and Great Britain.
There are no major earnings reports scheduled.