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Hot Topic Hawke’s Bay
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While you were sleeping: Amazon shares rise on Cyber Monday

US shoppers spent $US840 million online by 10am alone on Monday.

Margreet Dietz
Tue, 28 Nov 2017

LATEST: Black Friday share surge pushes Jeff Bezos' wealth over $US100b

Wall Street was mixed but barely changed as shares of Amazon rose amid signs of robust spending by shoppers on Cyber Monday, the busiest online spending day of the year.

Meanwhile, energy stocks followed oil prices lower ahead of Thursday's meeting of Opec and other oil producers to discuss extension of output cuts.

US shoppers spent $US840 million online as of 10am in New York on Monday, up 17% from a year ago, Bloomberg reported, citing Adobe Systems, in line with Adobe's forecast of the day's sales to reach $US6.6 billion.

Shares of Amazon traded 1.3% in New York after climbing to a record earlier in the session.

At the close of trading, the Dow Jones Industrial Average rose 22.79 points, or 0.10%, to 23,580.78. However, the Nasdaq Composite Index edged down 0.15% to 6878.52, while the Standard & Poor's 500 Index slipped 0.04% to 2601.42.

Home Depot rose 1.0% and Lowe's 0.7% amid better-than-expected industry data with a Commerce Department report showing new home sales jumped in October to their highest level in a decade.

New home sales rise
"Investors are looking at retail stocks as Black Friday and Cyber Monday have been a good start to the holiday season, and much stronger data on new home sales has lifted the market higher," Kim Forrest, research analyst at Fort Pitt Capital Group in Pittsburgh, told Reuters.

The Dow moved higher as gains by Verizon and Cisco, up 1.2% each respectively, outweighed declines in DowDuPont and Chevron, down 1.0% and 0.9% respectively.

Chevron and other energy stocks slid as US crude futures shed 1.3% to $US58.21 a barrel.

"After rallying to a two-and-a-half year high, WTI [US oil benchmark] is stumbling lower ahead of the Opec meeting later this week, as fears creep in that a production cut extension may not be formally announced," Matt Smith, director of commodity research at Clipper Data, told Bloomberg.

In corporate deal news, Time shares jumped 9.5% after Meredith Corp said it agreed to buy the company that also publishes Fortune, People and Sports Illustrated for about $US1.85 billion in cash. Shares of Meredith also rallied, recently trading 11.7% higher.

In Europe, the Stoxx 600 Index finished up 0.5%. The UK's FTSE 100 Index slid 0.4%, Germany's DAX Index fell 0.5% and France's CAC 40 Index dropped 0.6%.

(BusinessDesk)

Margreet Dietz
Tue, 28 Nov 2017
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While you were sleeping: Amazon shares rise on Cyber Monday
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