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Holiday shoppers increased spending by 3.8% despite higher prices

Holiday shoppers increased spending by 3.8% despite higher prices

New data shows holiday sales rose this year even as Americans wrestled with still high prices in many grocery necessities and other financial worries. According to Mastercard SpendingPulse, holiday sales from the beginning of November through Christmas Eve climbed 3.8%, a faster pace than the 3.1% increase from a year earlier. The measure tracks all kinds of payments including cash and debit cards. This year, retailers were even more under the gun to get shoppers in to buy early and in bulk since there were five fewer days between Thanksgiving and Christmas. Mastercard SpendingPulse says the last five days of the season accounted for 10% of the spending. Sales of clothing, electronics and Jewelry rose.… Continue Reading

Stock market today: Stocks gain as Wall Street closes out strong November

Stock market today: Stocks gain as Wall Street closes out strong November

NEW YORK (AP) — Stocks are rising as Wall Street puts the finishing touches on one of its best months of the year. The S&P rose 0.7% while the Dow Jones Industrial Average was up 306 points, or 0.7%. The Nasdaq added 0.8%. Friday is an abbreviated trading day — stock markets close at 1 p.m. ET and the bond market closes an hour later. Investors are waiting to see how willing shoppers are to spend on gifts for the holidays. Black Friday unofficially kicks off the holiday shopping season, although retailers have been offering early deals for weeks. Macy’s rose 1.9% and Best Buy gained 2.8%.… Continue Reading

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