Friday's Bloomberg Market Report
The U.S. Postal Service is hoping that faster delivery will boost slumping revenue. And Black Friday arrives to the delight of the nation’s retailers. Here's the Friday Bloomberg After The Bell Report from the New York Stock Exchange.
8225.50 up 113.31
American Stock Exchange
2386.86 up 29.62
NASDAQ Composite
2966.85 up 40.30
Standard And Poors 500
1409.15 up 18.12
The holiday shopping season is underway and the National Retail Federation is projecting a 12 percent increase over last year to nearly $100 billion. Small businesses are not expecting to see gains. According to a survey by NewTek Business Services, 60 percent of small business owners project sales to stay flat over the holidays compared to last year.
Stocks rose Friday in this holiday-shortened week, sending the S&P 500 to its biggest weekly rally since June.
Thanksgiving may be over, but if you're out shopping you may want to give some extra thanks to the cashiers and other retail workers helping you out. According to the Bureau of Labor Statistics, the average salary for retail workers comes out to about $20,000, meaning that more than 700,000 retail employees are living in poverty.
In contrast, big retailers posted second quarter earnings of more than $19 billion, the highest for that time period in four years.
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