NEW YORK: Retailers saw their share prices gain early Monday amid upbeat signs about the holiday shopping season, kicking off a week that includes testimony in Congress by two US Federal Reserve officials.
US stocks were positive as early online shopping data suggested the "Black Friday" start to the gift-shopping season was a boon for stores.
Amazon shares jumped 1.6 percent, Wal-Mart Stores rose 0.8 percent and Macy's 1.1 percent. Stores are aiming for additional sales on "Cyber Monday," which has evolved into a major discounting opportunity in recent years, bookending the post-Thanksgiving holiday weekend.
About 20 minutes into trading, the Dow Jones Industrial Average stood at 23,602.61, up 0.2 percent.
The broad-based S&P 500 gained 0.1 percent to 2,606.08, while the tech-rich Nasdaq Composite Index advanced 0.1 percent to 6,896.77.
The S&P 500 and Nasdaq finished at records on Friday.
Key events this week include congressional testimony from outgoing Fed chief Janet Yellen, a confirmation hearing for her presumptive successor, Jerome Powell, and further action on the tax cut proposal, with a possible vote in the Senate late in the week.
Time Inc. jumped 9.4 percent on news it agreed to be sold for $2.8 billion to media conglomerate Meredith Corporation. Time publishes its eponymous magazine, as well as Fortune and Sports Illustrated. Meredith surged 10.2 percent.
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