Reuters President Barack Obama pardons “Popcorn,” the national Thanksgiving turkey. The market on Black Friday posted some red ink.
The Dow Jones Industrial Average edged just below its new record high reached Wednesday. The Dow fell 10.92 points, or 0.07% to 16086.41 on Friday. The Standard & Poor’s 500 index, which also hit a new record high Wednesday, fell 1.42 points, or 0.08%, to 1805.81.
The NASDAQ Composite Index rose 15.14 points, or 0.37%, to 4059.89.
Thanksgiving day online sales hit $1 billion for the first time, according to an Adobe analysis of 180 million visits to more than 1,000 U.S. retail websites. But more broadly, it’s starting to feel like Thanksgiving sales are more tricky to measure with each passing year, given promotions extending across the week and into Cyber Monday.
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Retail analysts offered their typical anecdotal confirmation of trends, with visits to retailers. Writes Jharonne Martis, director of consumer research at Thomson Reuters:
“Anecdotally, this Black Friday has seen a decrease in mall traffic … When looking at the earnings growth rates for the holiday season for the 129 retailers tracked by Thomson Reuters, Internet retailers are on top” with fourth quarter earnings growth of nearly 31% projected, followed by 23% for department stores. Thomson projects retail apparel earnings will decline nearly 2%, and discount retailers’ earnings will flatline.
More stores opened on Thanksgiving, and
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