US stocks mostly up as holiday shopping season begins

NEW YORK – Wall Street stocks mostly climbed to end a shortened trading day on Nov 24, with investors keeping close watch on consumer spending at the unofficial start of the year-end shopping season.

The Dow Jones Industrial Average rose 0.3 per cent to 35,390.15.

The broad-based S&P 500 edged up 0.1 per cent to 4,559.34, while the tech-heavy Nasdaq Composite Index ticked down 0.1 per cent to 14,250.85.

Markets closed early on “Black Friday,” the Friday after the Thanksgiving holiday when retailers often offer major discounts.

The annual sales day, which is followed by the newer “Cyber Monday,” marks the start of the holiday shopping season.

“Today’s lack of movement can be ascribed to a general lack of trading interest befitting the day after Thanksgiving,” said Briefing.com in a note.

Consumers are expected to be increasingly price-conscious this year, still jaded by stubborn inflation and lingering effects from the upheaval of the pandemic.

But “how that ends up impacting retailers’ profits remains to be seen” for now, Briefing.com added.

Among major retailers, Walmart shares advanced 0.7 per cent while Target was up 0.5 per cent.

Amazon shares were flat after it was hit by strikes in Europe, as workers demand better wages and working conditions.

UNI Global Union warned Amazon would face strikes and protests in more than 30 countries around the world, including the United States. AFP