Stocks are higher in early trading as the holiday week pushes forward and trading begins to dwindle down. In economic news personal spending rose 0.3 percent in November and personal incomes also rose 0.3 percent.
The S&P 500 rose 12 points to 2,051, the Dow Jones Industrial average rose 94 points to 17,511 and the Nasdaq climbed 26 points to 5,027.
Nike stock is climbing over 2 percent to $135 after the athleticwear giant reported stellar earnings for the quarter as the company rides the trend of ath-leisure. Earnings rose 22 percent and easily beat analyst expectations. The company’s future orders grew by 20 percent, less currency charges it was 15 percent, still way better than last year. Don’t tell Nike that China is slowing — their sales grew 34 percent in the country. Nike’s solid results pulled up the entire athletic group with Lululemon and Under Armour stocks both rising along with Nike.
Under Armour announced that Chip Molloy will become the company’s new chief financial officer. Molloy was the former CFO of PetSmart. The current CFO, Brad Dickerson will remain through the transition. Under Armour stock is up over 2 percent in early trading to $82.38.
Amazon is a victim of its own success. The online retail behemoth is taking a squinty eye to its deal with United Parcel Service. The Wall Street Journal reported that Amazon is looking at other carrier options that could be cheaper. They’ve made it no secret that the company has tested drones, but it is also looking into creating its own trucking service and is considering leasing airplanes. Online shopping has become so enormous that even the United States Postal Service Web site began to crash due to overload from people tracking their packages. Amazon stock was up slightly by $2.25 to trade near $665.
European stocks are in rally mode as oil got a lift off its 11-year lows. Higher copper prices picked up the values of mining stocks and that gave the markets a break before they close for the holidays.
Japan’s Nikkei was closed for the Emperor’s Birthday, while Hong Kong’s Hang Seng gained 1 percent and China’s Shanghai Composite slid .4 percent. Trading was quiet in the Asian markets with Japan closed.