After Market: Dow Edges Up to New Record on Quiet Day; Best Buy Is a Buy
Investors hit the pause button on the rally Monday, but not before momentum pushed the Dow to yet another record high.
The bond market was closed Monday for Veteran's Day and there were no major economic reports or earnings news to move stocks. Still, the Dow Jones industrial average (^DJI) gained 21 points to 15,783 in quiet trading, ending at its 35th record high this year. The S&P 500 (^GPSC) added about a point to close at 1,772, and the Nasdaq (^IXIC) gained less than a point to close at 3,920.
The retail sector posted solid gains, as stores gear up for the holiday season. Best Buy (BBY) rallied more than 4 percent as the brokerage firm UBS raised its rating on the stock to "buy." Best Buy stock has been the best performer among the S&P 500 companies so far this year -– up 270 percent.
J.C. Penney (JCP) also continued to bounce back, rising 4 percent. Walmart (WMT), Macy's (M), Nordstrom (JWN) and Dollar General (DG) also posted gains.
Online retailers also rose. Priceline (PCLN) gained 2 percent and Amazon (AMZN) edged higher on news of it new deal with the Postal Service to begin Sunday delivery of Amazon Prime purchases in the New York and Los Angeles areas. Sunday deliveries in a handful of other cities will begin next year.
And Twitter (TWTR) is gained 3 percent. Earlier in the day, its shares dipped below 40 dollars a share. They briefly topped 50 shortly after trading began last Thursday.
Tesla (TSLA) bounced back from heavy selling last week, following a disappointing earnings report and another story about a car fire.
Other Big Movers Monday:
ViroPharma (VPHM) surged 25 percent after agreeing to be acquired by the Irish company Shire for 4.2-billion dollars. ViroPharma's key product is a drug to treat a genetic blood disorder.
Cirrus Logic (CRUS) fell 13 percent. A Barclays analyst says Apple is no longer using an amplifier made by Cirrus.
And oil drilling company Transocean (RIG) rose 3 percent after agreeing under pressure to raise its dividend by 34 percent. Activist investor Carl Icahn had been pushing for even more.
-Produced by Drew Trachtenberg.