RETAIL STOCKS RALLY: Here's what you need to know

Jeff Spicer/GettyThe Amazon Fulfillment Centre prepares for Black Friday

Shares of retailers including some traditional brick-and-mortar stores extended Black Friday’s rally into Cyber Monday. US retailers brought in a record $US7.9 billion in online sales on Black Friday and Thanksgiving, a 17.9% surge from the prior year, according to Adobe Analytics.

The broader equity indexes closed little changed.

Here’s the scoreboard:

  • Dow: 23,580.78, +22.79, (0.10%)
  • S&P 500: 2,601.42, -1.00, (-0.04%)
  • Nasdaq: 6,878.52, -10.64, (-0.15%)
  1. Meredith Corp. is buying Time Inc. for about $US1.8 billion in a huge merger of magazines. Meredith will pay $US18.50 a share in cash and tack on about $US1 billion in debt. Meredith brings with it a magazine portfolio that includes Better Homes & Gardens, Family Circle, and Allrecipes, while Time owns properties including Time, Sports Illustrated, and Fortune.

  2. Bitcoin passed $US9,600 and nearly cracked $US10,000. The market for digital coins cracked $US300 billion Sunday night for the first time as two of the largest cryptocurrencies approached significant milestones. Ethereum reached an all-time high of $US485 on Sunday evening, shy of the much-anticipated $US500 mark.
  3. Sen. Rand Paul announced that he would support the Senate GOP tax bill in an op-ed on Monday, shoring up another vote for the massive legislative push. Paul had been a question mark for Republicans due to issues he raised over the winners and losers from the bill.
  4. Gun background checks in America set a new record on Black Friday. Prospective gun owners filed 203,086 requests to the FBI’s National Instant Criminal Background Check System (NICS). Last Wednesday, Attorney General Jeff Sessions directed the FBI and Bureau of Alcohol, Tobacco, Firearms and Explosives to review the NICS.


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