Nov. 29 - U.S. stocks were relatively flat but the Nasdaq rose to a 13- year high as shoppers hit the stores hunting for Black Friday bargains. Bobbi Rebell reports.
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A flat Friday for stocks. The major U.S. indexes closing not far from where they began- though tech stocks helped lift the Nasdaq to a 13-year high.
Volume was light - investors holding back on making any big bets in the shortened session.
For the week, and the month of November, all the major indexes posted gains, the Dow up almost 3 and a half percent in November.
The big news was Black Friday. The National Retail Federation expects holiday sales will be up only 3.9 percent.
For all the pre-Black Friday hype- the sales that now start on Thanksgiving- still remain a big part of many American's holiday shopping plans.
Britt Beemer, Chairman of American's Research Group:
SOUNDBITE: BRITT BEEMER, CHAIRMAN AND FOUNDER, AMERICA'S RESEARCH GROUP (ENGLISH) SAYING:
"The difference that makes Black Friday different is that on that day and now on Thursday evening, consumers are actually going to see an ad that says- we only have- this deal is so good, we only have 15 or 18 or 25 per store when they are gone they are gone. It is the only day in the year, now 2 days, when retailers do that and consumers realize that Black Friday is not able to be repeated, because when those deals are gone they are gone and they will not come back. "
According to IBM, as of mid-day Friday- Black Friday online sales were up more than 7 percent this year compared to last year-. Thanksgiving online sales were up almost 20 percent.
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