The main indexes touched record intra-day highs earlier after retailers, including Amazon.com, rose on an expected surge in online sales on Cyber Monday, adding to strong sales on Black Friday.
Adobe Analytics said Cyber Monday is expected to drive $6.6 billion in internet sales this year, which would make it the largest U.S. online shopping day in history, Reuters reported.
“Investors are looking at retail stocks as Black Friday and Cyber Monday have been a good start to the holiday season, and much stronger data on new home sales has lifted the market higher,” said Kim Forrest, research analyst at Fort Pitt Capital Group in Pittsburgh.
For his part, Rogers expected the market to continue to climb in the short term before eventually coming back down to earth.
“Oh I suspect we will hit more new highs, which will surprise everybody, including me, but next year at this time, stocks will be down,” said Rogers, who co-founded the Quantum Fund with George Soros in 1973.
As for the future, Rogers advised caution on buying stocks if the Trump tax reform deal passes.
“Well, it looks like there’s a blowout in place, and you know, it often happens in markets every 10, 20, 30 years we have them. We may be having one now, but Stuart, I would buy Japan if this happens. Japanese markets are down 50 percent from their all-time high. Chinese stocks are down 40 percent. I’d rather buy low instead of buying high.”
- Source, News Max