Search

The Nasdaq soars past 9,000 for the first time ever, fueled by Amazon's holiday sales boom - Business Insider

NasdaqReuters/Shannon Stapleton

  • The Nasdaq composite index broke through the 9,000 level for the first time ever on Thursday, driven higher by Amazon's 4% surge and broad year-end market rally.
  • The S&P 500 index also notched a record high, while the Dow Jones Industrial Average jumped as much as 1% before falling below its Tuesday highs.
  • Amazon announced a "record-breaking" holiday shopping season on Thursday, with "billions of items" purchased in the unusually short Thanksgiving to Christmas period.
  • E-commerce sales also rose 18.8% year over year in 2019, while total holiday sales grew 3.4% from last year.
  • Visit the Business Insider homepage for more stories.

The Nasdaq composite breached the 9,000 threshold for the first time in history on Thursday, benefiting from Amazon's record-breaking holiday sales and a year-end stock-market rally.

The S&P 500 also surged to a record high, climbing as holiday-season sales figures revealed strong consumer activity and growing popularity in online shopping. Trading volumes are expected to fall under average this week because of an early market close on Tuesday and Christmas.

Here's how the three major stock indexes performed Thursday as of 3:20 p.m. ET:

S&P 500: 3,233.22, up 0.32%

Nasdaq composite: 9,009.02, up 0.62%

Dow Jones Industrial Average: 28,564.65, up 0.17%

Amazon stock jumped as much as 4.2% on Thursday after announcing it enjoyed a "record-breaking" holiday-shopping season. The e-commerce giant said "billions of items were purchased" during the Thanksgiving to Christmas period, along with "tens of millions of Amazon devices" worldwide. More than 5 million new customers started Prime free trials or paid memberships, the company added in a statement.

Amazon traded at $1,867.46 per share as of 3:20 p.m. ET, up about 24% year to date and hitting its highest level since July 31.

E-commerce sales soared 18.8% year over year through the holiday season despite the period's shorter duration, a Mastercard report said on Thursday. Thanksgiving arrived six days later in November compared with 2018, leaving retailers with less time to drive revenue and off-load inventory. Total retail sales grew 3.4% in the holiday season, further supporting strong spending trends and economic optimism among consumers.

Equity indexes weren't the only vehicles to soar in Thursday trading. Gold, a popular hedge bet for investors expecting increased market volatility, broke through the key psychological trading barrier of $1,500 per ounce. The gain comes as traders shift positions for 2020 and mull whether the Federal Reserve will hold off from further rate cuts in the new year. The precious metal's value is up about 17% year-to-date, putting it on pace for its best yearly performance since 2010.

The three key indexes have all posted new highs throughout December, marking a sharp contrast to the year-end performance in 2018. Markets tanked in the year-ago period, with the S&P 500 recording its worst December since 1931 and closing the year down 6%.

The S&P 500 is now on track for a 29% gain year-to-date, less than one percentage point from notching its best performance since 1997.

The Nasdaq Composite boasts an even more impressive performance, up roughly 36% year-to-date. The index is up the most since 2013.

Now read more markets coverage from Markets Insider and Business Insider:

Banks accept only a portion of the Fed's latest cash injection, signaling lenders' reserves are nearing capacity

One investor bought shares of Bear Stearns days before its 2008 takeover — and he just broke even on the trade

'I'm sure it will reverse': A prominent CIO shares the 3 perfect places to put your money once inflation rears its ugly head

Let's block ads! (Why?)



Business - Latest - Google News
December 27, 2019 at 03:34AM
https://ift.tt/2QjGdM8

The Nasdaq soars past 9,000 for the first time ever, fueled by Amazon's holiday sales boom - Business Insider
Business - Latest - Google News
https://ift.tt/2Rx7A4Y

Bagikan Berita Ini

0 Response to "The Nasdaq soars past 9,000 for the first time ever, fueled by Amazon's holiday sales boom - Business Insider"

Post a Comment


Powered by Blogger.