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Wall Street rallies on Black Friday

Friday, November 25, 2016 - 01:19

Consumer stocks drove the major U.S. indexes to record highs on Black Friday, the day marking the start of the holiday shopping season. Fred Katayama reports.

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As shoppers hit the streets and malls on Black Friday, consumer stocks helped drive Wall Street to record highs. And the major indexes scored solid gains for the week. Wal-Mart and Home Depot rose on Friday, but department stores, like Macy's, J.C. Penney and Kohl's, fell. Brick-and-mortar stores didn't pull in door-busting crowds as many chose to shop online. Amazon finished flat. Retail analyst Mary Epner surveyed the scene on Black Friday, the day that marks the start of the holiday shopping season: SOUNDBITE: MARY EPNER, PRINCIPAL, MARY EPNER RETAIL ANALYSIS, (ENGLISH) SAYING: "From what I saw last night into today, TVs are selling well. Home and kitchen items are selling well. And lingerie." Ctrip.com's shares soared. The Chinese online travel company is buying Scottish travel search website Skyscanner for about $1.7 billion. Johnson & Johnson rose after the drugmaker confirmed it's in talks to buy the Swiss biotech company, Actelion. Weighing on the indexes: energy. Shares of Marathon Oil and Devon Energy fell. Pressuring them: falling oil prices amid uncertainty that OPEC will reach a deal to cut production. . In Europe, a rally by drug makers lifted the major indexes slightly higher.

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Wall Street rallies on Black Friday

Friday, November 25, 2016 - 01:19