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US stocks mostly lower on shortened ‘Black Friday’

November 30, 2013 at 1:02 am | News Desk

US stocks mostly lower on shortened ‘Black Friday’NEW YORK: US stocks Friday closed a holiday-shortened session mostly lower despite some early statements by retailers reporting a successful launch to the critical holiday hopping season.

At the closing bell, the Dow Jones Industrial Average shed 13.36 (0.08 percent) at 16,083.97.

The broad-based S&P 500 declined 1.58 (0.09 percent) to 1,805.65, while the tech-rich Nasdaq Composite Index rose 15.14 (0.37 percent) to 4,059.89.

Retail giants Wal-Mart Stores and Target both reported “record” openings to the critical “Black Friday” shopping weekend, which kicks off the holiday shopping period. The period between Thanksgiving and New Years accounts for about 20 percent of annual retail sector sales.

Despite the positive comments, analysts have expressed concerns that profits among retailers may suffer due to a hyper-competitive promotional market in which retailers are cutting prices to try to lure tight-fisted consumers in the low-growth economy.

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