Wall Street closes early, records gains for the week
- The CBOE Volatility Index hits an intra-day record low.
- Technology and retails sectors push major indexes higher.
- For the week, the S&P added 0.91%, the Dow gained 0.86%, the Nasdaq added 1.57%.
Following the Thanksgiving break, major equity indexes started the day on a positive note and finished the shortened session higher.
On Friday, Amazon shares gained nearly 3% after the company announced that its customers could start using their Alexa systems to take advantage of Cyber Monday deals as early as Sunday. Boosted by Amazon's robust performance and expectations of Black Friday sales, the S&P 500 Retailing Index (SPXRT) closed the day 0.75% higher, becoming the biggest mover of the day. "In the retail environment, Amazon is extremely important – the fact that Amazon continued to soar bodes well for the fourth-quarter holiday shopping season and it bodes well for Wall Street," Adam Sarhan, chief executive of 50 Park Investments, told Reuters.
The CBOE Volatility Index, Wall Street's fear gauge, touched an all-time low at 8.56 during the day before closing 2.13% lower at 9.67. The risk-sensitive S&P 500 Information Technology Sector (SPLRCT) ended the day 0.54% higher. In the meantime, crude oil prices extended the rally into the fourth straight day with the barrel of West Texas Intermediate touching the $59 mark for the first time in more than two years, which allowed the
S&P 500 Energy Sector (SPNY) to add 0.27%.
The Dow Jones Industrial Average gained 31.81 points, or 0.14%, to 23,557.99, the S&P 500 added 5.36 points, or 0.21%, to 2,602.44 and the Nasdaq Composite rose 21.79 points, or 0.32%, to 6,889.16.