Investors went shopping for Dow stocks on Cyber Monday, but falling energy shares pulled down the S&P. Fred Katayama reports.
Investors went shopping for stocks on Cyber Monday, picking up consumer cyclicals and telecom shares. But falling energy shares pulled down the S&P 500 just below breakeven. Exponential ETFs' CEO Phil Bak: SOUNDBITE: PHIL BAK, CEO, EXPONENTIAL ETFS, (ENGLISH) SAYING: "Retail fuels a lot of the economy and we are still bullish on the market right now based on all the indicators we have. The market is expensive. There's no doubt about it. But we're not market timers. We're looking for the long term, and we see strong consumer numbers. We think the rally can indeed continue for a bit longer." Among the most actively traded stocks: Time Inc. The publisher of magazines like TIME, Fortune, and People is being bought for $1.8 billion by the publisher of Better Homes and Gardens, Meredith. Both shares zoomed higher. A strong start to the holiday shopping season starting Black Friday boosted shares of Urban Outfitters and Amazon.com. Wal-Mart is in striking distance of matching Amazon's online prices for the first time. Adobe Analystics says Cyber Monday will add $6.6 billion in online sales. Energy shares like Chevron and Hess fell as oil prices slipped. Investors took profit on high-flying housing stocks. Sales of new homes unexpectedly rose in October to a 10-year high. In Europe, a broad pullback led by energy and materials stocks dragged the markets lower.