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Wall Street gains, Nasdaq hits record high

11/27/2020 | 02:55pm

Optimism around an economic rebound next year lifted Wall Street Friday, sending the Nasdaq to a record closing high. Tech and healthcare stocks led the rally as the market action rotated back to growth stocks and away from economically-sensitive cyclical and value stocks.

The Nasdaq closed up nearly 1%. The S&P 500 added a quarter percent, and the Dow inched a tenth percent higher. All three indexes made solid gains on the week.

Spartan Capital Securities chief market economist Peter Cardillo said investors shouldn't read too much into Friday's holiday-shortened trading session:

"It's really not that constructive in at the sense that it's an abbreviated session. Volume is light. But if we close where we are now, it's a good sign that come Monday, the market will probably continue to rally."

On this Black Friday, masked shoppers turned up in smaller numbers at major U.S. retailers as early online deals and coronavirus concerns dulled enthusiasm for trips to the mall. Shares of big box retailers such as Walmart and Target surrendered their earlier gains. Investors were less kind to traditional department store operators Macy's, JC Penney and Nordstrom. But online retailers Amazon, eBay and Etsy rose.

Shares of Walt Disney dipped after the media and entertainment giant said it would lay off about 32,000 workers.

© Reuters 2021
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