Shares of Macy’s (NYSE:M) edged higher in early trading Friday on investor optimism that the department-store giant would see strong Black Friday sales.
The stock was up 22 cents, or 0.41%, at $53.76 shortly after the stock market opened.
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Black Friday is traditionally the busiest shopping day of the year for retailers and the kickoff to the all-important holiday shopping season. Black Friday sales figures are generally a good indication of consumer sentiment leading into the holiday season.
While analyst earlier this fall had predicted a weak holiday shopping season, resilient consumers have suggested otherwise. Retails sales were strong in October despite a partial government shutdown and a threat of a U.S. default, which temporarily cast a pall of uncertainty of the wider U.S. economy.
Meanwhile, the broader market extended its record setting gains Friday in a shortened session with the Standard & Poor’s 500 index hitting a new high of 1,808.66 just after the opening. U.S. stock markets close at 1 p.m. The Dow Jones Industrial average, also at a record high, was up 52 points at 16,149.