December is upon us, and stocks are off to a great start. Strength on the first day of the month followed solid returns produced in November.
Apple has been riding the ta ilwinds as well. The stock traded ahead of the S&P 500 and the Nasdaq indices by quite a bit through the Tuesday trading session. Probably helping to explain bullishness is good news on holiday sales projections.
Cyber Monday uplift
Data from Adobe Analytics has confirmed what was already expected: this has been the year of e-commerce. Cyber Monday spending increased 15% over 2019 levels, with curbside pickup – a fairly new way to shop – rising 30%. Adobe estimates that online sales in the current holiday season will grow year-over-year by 30% to $184 billion, substantially more than what one should expect of consumer spending in general.
It is clear to me that these numbers favor