U.S. stocks open higher; retailers rise on holiday shopping

U.S. stocks open higher; retailers rise on holiday shopping

Stocks edged higher early Thursday as U.S. markets reopened for trading after the Christmas holiday.

Technology, banks and companies that rely on consumer spending led the gainers. Utilities, materials and industrial stocks lagged the most.

Amazon and other retailers rose after data showed a last-minute surge in online shopping helped holiday sales.

The modest gains had the major indexes on track for more record highs.

The benchmark S&P 500 index has finished with a weekly gain in 10 out of the past 11 weeks and is headed for its biggest annual gain since 2013 at 28.9%.

Rising optimism around a “Phase 1” trade deal announced earlier this month between the United States and China helped put investors in a buying mood in recent weeks. Fears about a possible recession have also faded since the summer after the Federal Reserve cut interest rates three times, and the central bank appears set to keep them low for a long time.

Still, as traders turn their attention to 2020, fears about the outlook for the global economy remain, as do concerns over unresolved trade issues between Washington and Beijing. Next year also has the added complication of the U.S. presidential election.

KEEPING SCORE: The S&P 500 was up 0.3% as of 10:12 a.m. Eastern time. The index last hit a record high on Monday.

The Dow Jones Industrial Average rose 42 points, or 0.2%, to 28,558. The Nasdaq composite added 0.4%, on track to extend its winning streak to 11 days.

The indexes are coming off a mixed finish in shortened, pre-Christmas trading on Tuesday.

RETAIL RALLY: A report from Mastercard SpendingPulse showed holiday retail sales rose 3.4%, with online shopping rising 18.8%.

Amazon was the biggest gainer in the S&P 500, climbing 1.8%. Macy’s rose 0.8% and Nordstrom added 0.7%.

BOND YIELDS: Bond prices were little changed. The 10-year Treasury yield held steady at 1.90%.

ENERGY: Benchmark U.S. crude gained 47 cents to $61.58 per barrel. Brent crude oil, the international standard, picked up 46 cents to $66.62 per barrel.

MARKETS OVERSEAS: Markets in Europe, Hong Kong and Australia remained closed. Elsewhere in Asia, Japan’s Nikkei 225 index advanced 0.6% to 23,924.92, while the Kospi in South Korea gained 0.4% to 2,197.93. India’s Sensex lost 0.3% to 41,339.87. In Southeast Asia, benchmarks were mixed, while Taiwan was flat.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Dwayne Buckle, 40 of Red Deer finished a 1,638-kilometre walk, in honour of his family. The 12-week, 82 day-journey wrapped up in Port Hardy, B.C. on Monday. Facebook photo
Red Deer man completes 1,638 km hike for cancer research

Dwayne Buckle, a Red Deer firefighter returned home Friday after his 12-week journey

The Pfizer-BioNTech vaccine deliveres to Canada are being delayed because of complications at their European distribution facility. THE CANADIAN PRESS/Nathan Denette
Delays of Pfizer vaccine delivery to impact Alberta’s vaccination plans

Alberta has administered 74,000 doses of the COVID-19 vaccine so far

Two inmates at Bowden Institution have tested positive for COVID-19. (Black Press File Photo)
2 Bowden inmates test positive for COVID-19

A pair of inmates at Bowden Institution have tested positive for COVID-19.… Continue reading

Salons and barbershops are able to open on Monday, the Government of Alberta announced this week. (Photo courtesy Pixabay)
Red Deer salon owner “relieved” business can re-open next week

The owner of a Red Deer salon says she’s “definitely relieved” her… Continue reading

Red Deer Valhalla Pure Outfitters owner Darren Schaedeli has seen a significant increase in those looking to tackle winter experiences. Some are trying their hand at "hot tent camping" as he did in the West Country several weeks ago.
Photo contributed
Central Albertans enjoying the great outdoors this winter

Stir crazy and beach-deprived central Albertans are embracing the great outdoors this… Continue reading

Lesser Slave Lake UCP MLA Pat Rehn. (Facebook)
Updated: Jason Kenney kicks Lesser Slave Lake MLA out of caucus

Pat Rehn will not be permitted to run for UCP nominations

Manchester United's Tobin Heath celebrates scoring against West Ham United during the FA Women's Super League match at Victoria Road Stadium, London, Sunday Oct. 18, 2020. (John Walton/PA via AP)
Double 1st: Man U men, women leading 2 leagues, play champs

Double 1st: Man U men, women leading 2 leagues, play champs

A group of Buffalo Bills fans from Toronto pose for a photo while tailgating in the parking lot of New Era Field before an NFL football game between the Bills and the New York Jets, Sunday, Dec. 9, 2018, in Orchard Park, N.Y. THE CANADIAN PRESS/AP-Adrian Kraus
Being unable to attend Bills playoff games due to pandemic pains Canadian fans

Being unable to attend Bills playoff games due to pandemic pains Canadian fans

FILE - Chicago Cubs' Kris Bryant runs the bases after hitting a solo home run in the sixth inning during a baseball game against the Cleveland Indians in Cleveland, in this Wednesday, Aug. 12, 2020, file photo. Bryant is among roughly 125 players who entered Friday, Jan. 15, 2021, eligible to exchange salary arbitration figures with their teams. (AP Photo/Tony Dejak, File)
Lindor, Bryant, Bellinger, Seager get big-money deals

Lindor, Bryant, Bellinger, Seager get big-money deals

Brooklyn Nets coach Steve Nash points during the third quarter of the team's NBA basketball game against the New York Knicks on Wednesday, Jan. 13, 2021, in New York. (Brad Penner/Pool Photo via AP)
More NBA games off, as league continues struggles with virus

More NBA games off, as league continues struggles with virus

Washington Capitals' Jakub Vrana (13) is congratulated for his goal during the second period of the team's NHL hockey game against the Buffalo Sabres, Friday, Jan. 15, 2021, in Buffalo, N.Y. (AP Photo/Jeffrey T. Barnes)
Vanecek makes 28 saves in NHL debut, Capitals sweep Sabres

Vanecek makes 28 saves in NHL debut, Capitals sweep Sabres

Chicago Blackhawks goaltender Collin Delia (60) makes a save after Tampa Bay Lightning left wing Ondrej Palat (18) fell down during the first period of an NHL hockey game Friday, Jan. 15, 2021, in Tampa, Fla. (AP Photo/Chris O'Meara)
Stamkos, Palat lift Lightning over Blackhawks again

Stamkos, Palat lift Lightning over Blackhawks again

Canadian women's soccer team member Rhian Wilkinson is seen during a training session in Vancouver, B.C. Wednesday, April 21, 2015. THE CANADIAN PRESS/Jonathan Hayward
Former Canadian international Rhian Wilkinson leaves Canada Soccer coaching job

Former Canadian international Rhian Wilkinson leaves Canada Soccer coaching job

Tkachuk, Senators down Maple Leafs 5-3 in 1st game in 10 months

Tkachuk, Senators down Maple Leafs 5-3 in 1st game in 10 months

Most Read