Wall Street Celebrates Thanksgiving Day, Markets Closed

Photo: ANP

The New York stock exchanges will be closed all day Thursday for Thanksgiving Day. On Friday, Wall Street only trades for half a day. The Friday after Thanksgiving is known as Black Friday. Many Americans are then free and shopkeepers try to lure them to their stores on that day with sharp offers. Black Friday is therefore seen as the start of the Christmas shopping season.

This year’s celebration comes at a time when retail companies are grappling with supply problems, higher labor costs, rising coronavirus infection rates and soaring inflation in the United States. Although the US economy has been reopening increasingly in recent months, the world’s largest economy experienced its slowest growth in more than a year in the third quarter.

The slower recovery was mainly reflected in consumer spending, which rose much less sharply in the past quarter than in previous measurement periods. The US labor market, on the other hand, is showing a strong recovery from the corona crisis. For example, the number of new applications for unemployment benefits reached its lowest level since 1969.

The Federal Reserve, the US umbrella organization of central banks, also started phasing out support measures for the economy in November. Its monthly bond buying program of $120 billion is now being scaled back by $15 billion a month. The program could be fully wound down by the middle of next year, but the Fed will be flexible about the pace of the winding down and not hesitate to take action if inflation gets too high. An interest rate increase is only foreseen after the support program has been phased out.

On Wednesday, the stock exchanges in New York closed with small price movements in the run-up to Thanksgiving Day. The Dow Jones Industrial Average ended a fraction lower at 35,804.38 points. The broad-based S&P 500 gained 0.2 percent to 4701.46 points and the technology exchange Nasdaq rose 0.4 percent to 15,845.23 points.

Wall Street Celebrates Thanksgiving Day, Markets Closed
Source link Wall Street Celebrates Thanksgiving Day, Markets Closed

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