- The Dow recorded its fourth straight session gain.
- Last-minute Christmas shopping helped US retail sales set a single-day sales record.
- That bodes well for January’s economic data dump.
The Dow Jones Industrial Average rose for a fourth consecutive day on Tuesday, as last-minute Christmas shoppers primed the US economy for a strong batch of retail sales data to kick off the new year.
Dow Extends Winning Streak to Day #4
Wall Street’s three primary indices all rose during the holiday-shortened Christmas Eve trading session.
- The Dow advanced 22.14 points or 0.08% to 28,573.67 as the blue-chip index extended its winning streak to four.
- The S&P 500 edged 0.78 points or 0.02% higher to 3,224.79.
- The Nasdaq ticked up 3.44 points or 0.04% to 8,948.32.
- The gold price set the $1,500 mark in its sights, spiking 0.4% to just under $1,495.
The stock market closes at 1 pm ET today. It will remain closed on Christmas and reopen with normal trading hours on Dec. 26.
‘Super Saturday’ Points to Strength in the US Economy
Strong consumer spending helped fortify the US economic expansion throughout 2019. Concerns about consumer sector health began to mount toward the end of the year, after a series of conflicting data releases raised questions about whether the manufacturing recession had begun to seize a foothold in the wider economy too.
But if a stellar “Super Saturday” is any indication, the US consumer is doing just fine.
Data from research firm Customer Growth Partners reveals that the final Saturday before Christmas brought US retailers $34.4 billion in sales, making it the best day in US retail history. That easily eclipsed Black Friday 2019, which saw $31.2 billion in sales.
That may be partly due to a quirk of the calendar. Thanksgiving fell later than usual, shortening the holiday shopping season…