US Markets Make New Record Highs
US stock markets reached fresh record highs on Black Friday after re-opening following Thursday’s Thanksgiving holiday.
In thin trading, the Dow Jones still managed to bag a new closing high of 19,152, up 69 points.
The broader S&P 500 was up 9 points at 2,213 and the tech-heavy Nasdaq was 18 points higher at 5,399.
With much of the focus on the annual discount shopping day, retailers made modest gains.
Shares in WalMart and Target finished in positive territory, although they slipped back from a strong start.
US shares have repeatedly set new record highs in recent weeks on expectations that President-elect Donald Trump’s promises of tax cuts, higher infrastructure spending and reduced regulation would benefit certain industries.
Connor Campbell, an analyst at Spreadex, said the Dow’s latest high marked a 1,200 point rise since the day the election results were announced.
“In and of itself that is astonishing; the fact it comes following the biggest political shock in decades and before a near certain rate hike from the Fed is something else entirely,” he said.
Oil prices slid ahead of a key meeting next Wednesday between members of Opec, where the oil cartel is hoping to reach an agreement with non-Opec members to cap output.
US crude slipped 2% to $46 a barrel.