Amazon soars to help send the Nasdaq above 9000 for first time


“The path of least resistance is up right now,” said Carol Schleif, deputy chief investment officer of Abbot Downing in Minneapolis. “You have had a lot more clarity on certain things that had worried the market all year.”

Shares of Amazon jumped 4.4 per cent after a Mastercard report showed that US shoppers spent more online during the holiday shopping season than in 2018, with e-commerce sales hitting a record high.

“The important part is that the online sales were much stronger than expected. The brick-and-mortar were less than expected, so the online sales, and principally Amazon, saved the day,” said John Conlon, director, equity strategy at People’s United Advisors.

The Dow Jones Industrial Average rose 105.94 points, or 0.37 per cent, to 28,621.39, the S&P 500 gained 16.53 points, or 0.51 per cent, to 3,239.91 and the Nasdaq Composite added 69.51 points, or 0.78 per cent, to 9,022.39.

Consumer discretionary was the biggest gainer among the S&P 500 sectors, spurred by Amazon. Healthcare was the lone sector in the red.

A 0.9 per cent decline in shares of Boeing, which has been dealing with fallout from the grounding of its 737 MAX jet, weighed particularly on the Dow.

The benchmark S&P 500 index is headed for its biggest annual gain since 2013 at around 29 per cent. Credit:AP

The Federal Reserve’s interest rate cuts as well as better-than-feared economic data and corporate profits have helped lift stocks this year along with trade-relations optimism.

A Labor Department report on Thursday showed the number of Americans filing applications for unemployment benefits fell last week in a sign of ongoing labor market strength.

About 4.5 billion shares changed hands in US exchanges, well below the 6.8 billion daily average over the last 20 sessions.

Trading volumes are expected to remain thin during the holiday-shortened week.

Advancing issues outnumbered declining ones on the NYSE by a 1.87-to-1 ratio; on Nasdaq, a 1.22-to-1 ratio favored advancers.

The S&P 500 posted 37 new 52-week highs and no new lows; the Nasdaq Composite recorded 120 new highs and 27 new lows.

Reuters



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