Robust holiday sales readings helped the retail sector of the market move higher, but had little effect on the overall stock market. According to Customer Growth Partners, Black Friday sales are expected to come in around $33 billion, representing a 4.8% advance from last year.
But even with those rosy estimates, the broader stock market was unable to budge higher. The Industrials managed to add 22 points but the Transports fell 0.26%. The Nasdaq and S&P 500 were also down 0.15% and 0.04%, respectively. Of all the major averages, the Utilities were the only index to follow the Industrials higher.
Trading in overseas markets was also downbeat. In Europe, Italy and Spain managed to eek out slight gains while other markets fell. The net result was the Stoxx 600 down 0.46% and the Europe Dow down 0.61%. In Asia, all major markets closed in the red, with China's Shanghai Composite leading the ... Log in or subscribe to continue reading.