Market Watch: Cyber Monday Doesn’t Help Wall Street

The last day of November meant Cyber Monday savings for millions of online shopping Americans. Cyber Monday is marking it’s 10 year anniversary this year, trying to persuade people to shop via the internet. The term was first used on November 28, 2005 by Ellen Davis who stated in a press release: “‘Cyber Monday Quickly Becoming One of the Biggest Online Shopping Days of the Year”. Last year Cyber Monday online sales grew to a record $2.68 billion, compared with the prior year’s year’s $2.29 billion. But despite increased online sales, stocks were down across the board today with consumer stocks and health care issues leading the slide.  Meantime, “Black Friday” sales results were “perfectly average” and will likely extend through the rest of the year, according to retail analyst Dana Telsey.

Telsey said:

“Last year was 4.1 percent. This year it will probably be around 3.5 percent.”

While businesses hope to make it into the red on this Cyber Monday, retailers stand to lose $1.75 trillion dollars per year on “out-of-stock items, overstocked goods and returns of merchandise.”  See why from CNBC below.

Here are the final numbers from Monday, 11/30/15 on Wall Street:

Dow Jones Industrial Average: 17,719.92  (-78.57/ -0.44%)

NASDAQ: 5,108.67  (-18.86 / -0.37%)

S&P 500: 2,080.41  (-9.70 / -0.46%)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
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Phil Cannella
Phil Cannella
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