Retailers and technology companies drove modest gains for stocks on Wall Street Thursday, extending the market’s record-setting run. The Nasdaq composite climbed above 9,000 points for the first time as technology stocks rose. The index extended its winning streak to 11 days. Data showing that a last-minute surge in online shopping helped lift holiday sales gave a boost to shares in Amazon and other retailers. The gains lifted major indexes to new record highs. The S&P 500 rose 0.5%. The Dow rose 0.4% and the Nasdaq added 0.8%.
Retailers and technology companies drove modest gains for stocks on Wall Street Thursday, extending the market’s record-setting run.
The Nasdaq composite climbed above 9,000 points for the first time as Apple led technology stocks higher. The index, which is heavily weighted with tech stocks, is on track to extend its winning streak to 11 days.
Data showing that a last-minute surge in online shopping helped lift holiday sales gave a boost to shares in Amazon and big department store chains such as Macy’s and Nordstrom.
“That’s just a confirmation that the consumer is incredibly strong and resilient and helping to power the economy to better numbers,” said Jeff Kravetz, regional investment director for U.S. Bank Wealth Management.
Health care stocks fell the most. Energy, utilities and household goods makers also fell.
Trading was lighter than usual as U.S. markets reopened after the Christmas holiday.
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 around 29%.
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.
“Trade will continue to be a factor that drives short-term market volatility,” Kravetz said. “But if you look at the other factors, the more fundamental economic factors — consumer and business sentiment — those are the ones which are really keeping investors in the game and more confident.”