New York — A rally in oil and optimism at the mall buoyed US stocks to a record at the traditional start of the American holiday shopping season.
Retailers sought to build on positive earnings as consumers descended on stores looking for “Black Friday” bargains. Meanwhile, West Texas crude reached a two-year high, boosting shares in energy companies. Macy’s Inc., and Amazon.com Inc. were among the S&P 500 Index’s top performers in a shortened post-Thanksgiving session, as were Hess Corp. and Marathon Oil Co.
Stocks in Europe pared earlier gains as the Euro headed for a two-month high, while bonds fell as Germany moved closer to ending a political impasse and business confidence in the region’s biggest economy improved. Higher Treasury yields weren’t enough to sustain early gains in the dollar, which headed for a third weekly loss.
Iron ore climbed to a two-month high, while industrial metals headed for the best weekly gain in six. Crude rose as Opec and Russia were said to have agreed on a framework to extend supply cuts.
Germany’s biggest opposition party said it’s open to talks on backing a government led by Chancellor Angela Merkel, offering a way to restore political stability to Europe’s biggest economy. A jump in German business confidence in October added to positive sentiment, with global stocks heading into the final weeks of 2017 at record highs as investors place their faith in economic growth and an earnings’ expansion.
—Bloomberg
