Stocks were lower across the major indices and closed near the lows of the session on a shortened trading day.
Here’s how the markets settled at the end of regular trading Friday:
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S&P 500 (^GSPC): -0.40%, or -12.65 points
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Dow (^DJI): -0.40%, or -112.59 points
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Nasdaq (^IXIC): -0.46%, or -39.70 points
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Crude oil (CL=F): -4.44% to $55.53 per barrel
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Gold (GC=F): +0.66% to $1,470.50 per ounce
Despite all three indices snapping a four-day winning streak Friday, it was a good November for stocks. The Nasdaq logged its best November since 2009, while the Dow had its best November in two years. The S&P 500 notched its best November since 2016.
The consumer was in focus as the holiday shopping season raged on with a bulk of shopping expected to happen on Black Friday. Shoppers were expected to spend a total of $7.5 billion on Black Friday and $9.4 billion on Cyber Monday, according to Adobe Analytics.
The firm also noted that this Thanksgiving was a record breaking shopping day with over $2.1 billion spent as of 5 p.m. ET, a 20% jump from last year. Though some data is still being analyzed, Adobe noted that Thanksgiving Day was on track to surpass $4 billion in online sales. A bulk of online shopping came from mobile devices. As of 5 p.m. ET, 46.4% of online orders on Thanksgiving Day were made through smartphones, up from 33.5% last year.
“As a major shopping day in the Black Friday week arsenal, Thanksgiving is accelerating the strong sales momentum we’ve seeing throughout the season, particularly on mobile,” Adobe Analytics Lead Digital Analyst Vivek Pandya said. “With $2.1B in online sales already and a record-breaking $4.4B expected by the end of the day (representing 20.2% YoY growth), it’s clear that shoppers are devoting more time to shopping on Thanksgiving than ever. Expect to see a surge in retail sales in the afternoon and into the evening, as shoppers step away from their dinner tables and divert more attention to shopping for the best deals.”
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A man holds a placard during a lunchtime protest in Hong Kong, China, November 28, 2019. REUTERS/Marko Djurica
Meanwhile on Wednesday, President Donald Trump signed two bills into law supporting the Hong Kong protesters. One of the bills calls for an annual review of Hong Kong’s autonomy from China and the other bans the sale of munitions, such as rubber bullets and tear gas, to Hong Kong police.
The president’s move angered China and the nation’s foreign ministry spokesperson Geng Shuang issued a response saying, “This act neglects facts and truth, applies double standards and blatantly interferes in Hong Kong affairs and China’s other internal affairs. It is in serious violation of international law and basic norms governing international relations. China condemns and firmly opposes it.”
Shuang ended the statement by saying that the U.S. should stop its wrongdoing before it’s too late and stop interfering in both Hong Kong and China’s affairs. The U.S. and China are entangled in a prolonged trade war, and many have become concerned that the president’s move to support the Hong Kong protesters could throw a wrench into the ongoing trade negotiations.
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Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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