E-tailers could be in for some holiday cheer, according to Goldman Sachs.
The Wall Street research firm said Tuesday that early results from its fifth annual holiday survey on consumer attitudes and spending patterns indicate that e-commerce is off to a good start for the holidays this year.
The report translated into gains for the likes of Amazon , eBay
and Yahoo
in Tuesday’s trading.
Coming on top of strong gains already this year, it looks like the economy has entered what Fed Chairman Alan Greenspan might call a “virtuous cycle,” where positive developments build on and feed off each other.
If only consumers weren’t already so stretched, it might just last beyond next year’s elections.
Note: There will be no Market Close on Wednesday, Nov. 26, or Friday, Nov. 28. It will return Monday, Dec. 1. Happy Holidays.
The market Tuesday was as mixed as the economic reports, with better than expected consumer confidence and weaker than expected home sales pulling traders in opposite directions.
The Nasdaq slipped 4 to 1943, the S&P 500 added 1 to 1053, and the Dow rose 16 to 9763. Volume rose to 1.33 billion shares on the NYSE, and 1.85 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 18-13 on the Nasdaq. Upside volume was 69% on the NYSE, and 60% on the Nasdaq. New highs-new lows were 320-7 on the NYSE, and 317-16 on the Nasdaq.
After the close, Tech Data beat estimates and raised guidance.
During the day, Novellus rose 1% after raising guidance, but Semtech
slipped despite better than expected results.
Xerox and J2 Global
surged on upgrades.
SBC gained 2% on Wi-Fi plans.
Juniper Networks rose 2% despite a $1 billion shelf offering, which investors took as a sign that the company may make acquisitions.
Dell lost 2% on concern about its call centers.
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