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Dow leaps 350 points thanks to strong retail numbers and tech shares rebounding

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  • Economy
  • 6 months ago
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The Dow Jones Industrial Average rose 344 points, while the S&P 500 gained 1.2 percent. The Nasdaq Composite outperformed, rising 1.4 percent.

Shares of Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all surged above the steep losses they suffered last week which landed them in bear territory.

The Invesco QQQ Trust, which tracks the Nasdaq 100 index, fell nearly 5 percent and saw more than $1 billion in outflows.

Meanwhile retailers also rose thanks to strong Black Friday online sales totaling a record $6.22 billion, according to Adobe Analytics. The sales record also marks a 23.6 percent jump in Black Friday online sales from last year. The SPDR S&P Retail ETF (XRT) rose 1.4 percent, led by gains in GameStop, Amazon and L Brands.

 

 

 

 

 

Source: Smart Trend Team/ CNBC