New York: US stocks closed mixed, as a rally in retail stocks faded.
The Dow Jones Industrial Average on Monday increased 22.79 points, or 0.10 per cent, to 23,580.78, Xinhua reported.
The S&P 500 ticked down 1.00 points, or 0.04 per cent, to 2,601.42. The Nasdaq Composite Index inched down 10.64 points, or 0.15 per cent, to 6,878.52.
The traditional brick-and-mortar-retailers got a big boost following Black Friday, as investors expected strong sales during the Thanksgiving holiday.
Shares of Macy’s rose 0.66 per cent on Monday, while Gap jumped 1.21 per cent.
Meanwhile, analysts have observed shifting consumer behavior in recent years as customers are more likely to make purchases online for better discounts and using mobile phones for convenience.
“The big story this holiday season is in mobile shopping. Retailers know this is where the audience is now and are delivering better experiences,” said Mickey Mericle, Vice President of Marketing and Customer Insights at Adobe.
E-commerce giant Amazon increased 0.83 per cent to close at $1195.83 dollars per share on Monday.
“Shoppers looking for discounts are getting better at using smartphones to quickly close the deal, and we are seeing better mobile conversion this season at over 10 per cent growth,” Mericle added.