Retailers and technology companies powered stocks broadly higher 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 Dow Jones Industrial Average and S&P 500 also climbed to new highs. The benchmark index is on course for its best year since 2013.
The latest gains came as investors welcomed a report showing that a last-minute surge in online shopping helped lift holiday sales. The data gave a boost to shares in Amazon.com 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.
S&P 500, Dow rise
The S&P 500 rose 16.53 points, or 0.5%, to 3,239.91. The index, which had previously set a record high on Monday, has finished with a weekly gain in 10 out of the past 11 weeks.
The Dow gained 105.94 points, or 0.4%, to 28,621.39. The Nasdaq composite climbed 69.51 points, or 0.8%, to 9,022.39. The index, which is heavily weighted with tech stocks, is on an 11-day winning streak.
Retail rally
Big retailers also rallied following a report from Mastercard SpendingPulse that shows holiday retail sales rose 3.4%, with online shopping rising 18.8%.
Amazon led the pack, climbing 4.5%, the biggest gainer in the S&P 500. Macy’s rose 2.6%, Nordstrom added 1.8%, and Gap gained 1.6%
Bond yields, oil prices
Bond prices were little changed. The 10-year Treasury yield held steady at 1.90%. The yield is a benchmark for the interest rates that lenders charge on mortgages and other consumer loans.
Benchmark U.S. crude gained 57 cents to settle at $61.68 per barrel. Brent crude oil, the international standard, picked up 72 cents to close at $67.92 per barrel.
The rise in oil prices helped lift some energy sector stocks. Diamondback Energy gained 1.3%.
