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Postholiday stocks little changed

NEW YORK - Stocks were little changed in light post-holiday trade Friday, paring down an early advance despite preliminary signs of a strong start to the busy holiday shopping season.

Investors took a break from Wall Street's monthlong rally, which has vaulted the major indexes to four-year highs. The markets were closed Thursday for Thanksgiving, and with many traders out of the office for a second day, trading volume was light, which can cause volatility in the indexes.

Wall Street is nonetheless poised to close out its fifth straight winning week. Analysts had been split on whether the market would see a year-end rally, but improving economic data and high hopes for solid retail sales this winter helped cast aside fears of a downturn in the face of record energy prices.

Some of that optimism was fueled by a spirited beginning to the critical holiday sales period Friday, traditionally one of the busiest shopping days of the year as retailers lure customers with bargains and deep discounts. Early reports suggest stores will be more crowded than last year.

In midday trading, the Dow Jones industrial average gained 15.45, or 0.14 percent, to 10,931.54.

Broader stock indicators were little changed. The Standard & Poor's 500 index was up 1.90, or 0.15 percent, at 1,267.51, and the Nasdaq composite index rose 0.30, or 0.01 percent, to 2,260.28.

Bonds advanced, with the yield on the 10-year Treasury note sliding to 4.44 percent from 4.47 percent late Wednesday. The dollar was mixed against other major currencies in European trading, and gold prices were little changed.

Friday's frenzied start to the shopping season - known as "Black Friday," when retailers begin turning profits - lifted the retail sector as consumers made an early morning rush for malls and stores. Electronics are again expected to be top sellers this year, such as Apple Computer Inc.'s iPod media player.

Wal-Mart Stores Inc. rose 16 cents to $50.73, and electronics retailer Best Buy Co. added $1.66 to $50.66. Apple gained $1.80 to $68.91.

But some retailers didn't fare so well, with Target Corp. down 9 cents at $55.01, Sears Holding Corp. off $2 at $119.17 and Kohl's Corp. losing 20 cents to $48.87. J.C. Penney Co., meanwhile, gained 27 cents to $54.26.

[Last modified November 26, 2005, 02:30:29]