Markets were mixed today as airliners, retailers and banks moved higher while tech stocks were crushed like grapes at a Walla Walla winery. At the close the Dow was up 103 or 0.4% at 23,940 on heavy trade while the NASDAQ was down 1.27% on very heavy trade in what might be the beginning of a period of sector rotation.
Retail stocks like Nordstroms, JC Penny and Macy’s all were market leaders to the upside today after the National Retailers Federation released a report saying that mall traffic over the Thanksgiving Day weekend was better than last year. The survey showed 43% of shoppers opted for mall and department stores and that average spending came in a $337 from Thursday to Monday.
Microsoft has “Apple Envy”. After Apple completed its futuristic spaceship headquarters Microsoft announced it is looking to rebuild its Redmond campus in a multi year multi billion dollar plan that will shift to offices with an open floor plan and open spaces, walkability, light rail transit and even a place for a farmers market. While this is cool I did not see any mention of a chicken coop on the property which allows them to one up Apple. The new campus will be able to handle 8,000 more employees. Check out the Geekwire article here.