Stocks At Record Highs; Amazon Hits 1,200 As Holiday Sales Lift Retail

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The major market indexes were slightly higher in early Monday morning trade. Strong Black Friday sales and anticipated record spending on Cyber Monday drove shares of ( AMZN ) beyond the 1,200 price level.

[ibd-display-video id=2954382 width=50 float=left autostart=true] The Dow Jones industrial average rose 0.2%, while the S&P 500 and the tech-heavy Nasdaq moved up 0.1% apiece.

Among the Dow Jones Industrial components, Wal-Mart Stores ( WMT ) rose 0.5%. Shares remain extended from a 82.09 flat-base entry.

Elsewhere in the Dow, Apple ( AAPL ) reversed from early losses to trade virtually unchanged. Shares are extended from a cup-with-handle's 160.97 buy point.

On the downside, DowDuPont ( DWDP ) declined 0.6%. Shares are fighting for support at their key 50-day moving average line.

FANG stock advanced 2%, reaching the 1,200 price level for the first time and on pace to extend a winning streak to four trading sessions. Shares are now about 12% above a 1083.41 cup-shaped base entry. Cyber Monday sales were expected to break online sales records, while Black Friday online sales reached a record $5.03 billion, according to Adobe analytics.

Other retailers were lifted higher as well in the stock market today . Gap ( GPS ) moved up more than 2%, as it reclaimed a 29.87 cup-with-handle entry .

Fellow FANG member Facebook (FB) rose 0.4% to notch a record high. Shares are still barely in the 5% buy range from a 175.59 flat-base entry.

Among analyst actions, payment processor Square (SQ) sold off more than 5% after being cut from neutral to sell at BTIG Research. Shares have shown climactic action in recent weeks, while breaking through an upper channel line as well.

Meanwhile, Western Digital (WDC) was lowered from overweight to equal weight at Morgan Stanley. Shares declined more than 6% to fall below a base's 91.33 buy point and the 50-day line. Data storage peer Micron Technology (MU) fell nearly 3%, but is still about 50% above a 32.45 double-bottom entry .

Within the IBD 50 , Align Technology (ALGN) rose more than 2% to another record high. Shares have been on fire throughout 2017, rising over 150% from a 102.10 cup-with-handle entry.

On the downside, Applied Materials (AMAT) dropped 1.5%. Shares have been volatile since a bearish downside reversal on Nov. 17. The stock is still about 20% above its 47.69 cup-with-handle entry, and 5% above the 50-day moving average line.


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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