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Nasdaq reaches record high, Macy's stirs retail fear

Friday, January 06, 2017 - 01:21

The Nasdaq squeaked out a record high close on Thursday thanks to Amazon.com, while deep drops in Macy's, Kohl's and other department stores weighed on the broader stock market. Bobbi Rebell reports.

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The Dow and S&P 500 in the red for the first time in 2017, but the Nasdaq hit a record closing high on strength from retailer Amazon. Investors sold bank stocks, which had been the driving force for the Trump rally over the past two months. Nick Colas of Convergex: SOUNDBITE: NICHOLAS COLAS, CHIEF MARKET STRATEGIST, CONVERGEX (ENGLISH) SAYING: "This is much like a classic old school cyclical rally. What investors are playing is the chance for improving earnings, not in a quarter or two or three, but in a year or two or three because of the promises of lower taxes, infrastructure spending, and all the stimulus that we are hearing about and less regulation. " U.S. businesses added jobs at a slower pace in December, adding just 153,000 new jobs last month according to payroll processor ADP. The monthly government jobs report will be released on Friday. Macy's and Kohl's stocks sinking after the department stores reported dismal holiday sales. Toyota, the target of President-elect Donald Trump. He tweeted "Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY! Build plant in U.S. or pay big border tax." Toyota said it will wait until after Trump's January 20th inauguration before deciding whether to make any changes. Europe shares edged higher with the major country indexes posting just modest gains.

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Nasdaq reaches record high, Macy's stirs retail fear

Friday, January 06, 2017 - 01:21