As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

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This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

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Saturday, 30 November 2013

Nasdaq ends brief post-holiday session at 13-year high




 
 


NEW YORK (Reuters) - The Dow and the S&P 500 dipped in thin holiday trading on Friday, but technology stocks helped lift the Nasdaq to a 13-year high.

The Nasdaq got a boost from the technology sector, with Apple (AAPL) up 1.9 percent at $556.07, Microsoft Corp (MSFT) up 1.4 percent at $38.13 and Amazon Inc (AMZN) up 1.8 percent at $393.62.

"It's almost as if people are rotating into the bigger blue-chip names, especially the technology big caps. We wouldn't be shocked at all to see the small and mid-cap names lag a little bit," said Ryan Detrick, senior technical strategist with Schaeffer's Investment Research, in Cincinnati.

But with the both the S&P and Dow on an eight-week winning streak, investors may be cautious in adding new positions.

"We expect, and we recommend to our clients, that if they have exceeded their strategic allocation to equities, to take profit at these levels," said Paul Mangus, head of equity research and strategy for Wells Fargo Private Bank, in Charlotte, N.C.

Volume was light, with slightly over 2 billion shares traded on all U.S. platforms, according to BATS exchange data, as many U.S. investors remained out following the Thanksgiving holiday on Thursday. The U.S. stock market ended its regular session three hours early at 1 p.m..

The Dow Jones industrial average (^DJI) fell 10.92 points or 0.07 percent, to end at 16,086.41. The S&P 500 (^GSPC) slipped 1.42 points or 0.08 percent, to finish at 1,805.81. But the Nasdaq Composite (^IXIC) added 15.136 points or 0.37 percent, to close at 4,059.886.

Retail stocks were in focus as the holiday shopping season gets under way. Many stores opened on Thanksgiving for the first time ever this year, but stores had to resort to steep discounts and shoppers appeared to be making careful purchases.

The S&P retail index (.SPXRT) rose 0.3 percent. Among some of the most active retail names, Target Corp (TGT) declined 0.8 percent to $63.93, Best Buy Co Inc (BBY) jumped 2.4 percent to $40.55, and J.C. Penney Co (JCP) gained 1.1 percent to $10.19.

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