In a holiday-shortened day of trading, U.S. stocks showed a mixed performance, but the major indices ended the week on a positive note. Analysts are optimistic about the last five weeks of trading in 2023, expecting holiday sales to boost retailers, while the technology sector remains strong and energy prices ease. The Dow Jones gained 0.3%, the S&P 500 added 2.7 points, and the Nasdaq slipped 15 points. For the week, the Dow was up 1.3%, the S&P 500 added 1%, and the Nasdaq rose 0.9%. Notable stock movements include Johnson & Johnson leading Dow winners, while Apple, Nike, and Microsoft were in the red. Nvidia, a Nasdaq-100 stock, was the biggest loser.
Retail stocks generally rose, with the SPDR S&P Retail ETF gaining 0.7%. Interest rates edged up, and oil prices declined. In Europe, the Stoxx 600 rose 0.28% despite concerns about Germany's economic contraction, while in Asia, the MSCI ex-Japan benchmark fell 0.8%, influenced by a pullback in Chinese markets. The Nikkei 225 closed at a four-month high.
Despite concerns about economic factors like fading pandemic-era savings and elevated inflation, the National Retail Federation expects strong consumer spending between Black Friday and Cyber Monday, providing a significant boost to the U.S. economy. NRF forecasts consumer spending between $957.3 billion and $966.6 billion in November and December.
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