S&P 500, Nasdaq close at records, book weekly gains

The S&P 500 and Nasdaq Composite finished at all-time highs Friday, with all three main benchmarks booking their first weekly gains in three weeks.

Retailers were in focus amid the Black Friday shopping holiday, a day after domestic markets were closed in observance of Thanksgiving.

What are the main benchmarks doing?

The S&P 500
SPX, +0.21%
gained 5.34 points, or 0.2%, to 2,602.42, closing at a record. Seven of the 11 main sectors finished in positive territory. Technology and materials shares led gains, while telecoms lagged behind.

The Nasdaq Composite Index
COMP, +0.32%
advanced 21.80 points, or 0.3%, to 6,889.16, also clinching an all-time high.

The Dow Jones Industrial Average
DJIA, +0.14%
added 31.81 points, or 0.1%, to 23,557.99, less than half a percentage point from its record finish at 23,590.83.

All the main indexes posted their first weekly gain in three weeks. For the week, the S&P 500 and the Dow both posted a weekly gain of 0.9%, while the Nasdaq rose 1.6% over the four-session trading period, according to FactSet data.

Meanwhile, the Russell 2000 index
RUT, +0.16%
the gauge of small companies, also closed at a record, up 2.40 points, or 0.3%, at 1,519.16.

Equity markets closed at 1 p.m. Eastern Time on Friday, while the Securities Industry and Financial Markets Association recommended a 2 p.m. Eastern close for bond markets.

What could help drive markets?

Adobe Analytics data showed online shoppers spent $1.52 billion on Thanksgiving Day, with smartphones accounting for 46% of all traffic going to U.S. retail websites.

Opinion: Investors can feel safe ignoring the Black Friday and Cyber Monday shopping reports

On the data front, a survey of purchasing managers showed that businesses grew in November at the slowest pace in four months. The Markit flash manufacturing PMI fell to 53.8 from 54.6, while the flash services PMI fell to 54.3 from 54.6. A reading of 50 or better indicates improving conditions.

Which stocks are in focus?

Bit department store chains such as Macys Inc.
M, +2.13%
and Kohls Corp
KSS, +1.03%
saw shares rally. Macys gained 2.1%, while Kohls rose about 1%.

Gap, Inc.s stock

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