The Nasdaq shot up to hit a record high in early trading Friday accompanied by a rise in the Dow and S&P 500. Lifting investor sentiment: optimism the economy would rebound next year and President Donald Trump’s statement that he would leave the White House if the Electoral College votes for President-elect Joe Biden. That outweighed concerns around an expected surge in coronavirus infections.

The rally was broad with nine of the 11 major S&P 500 sectors gaining ground. The defensive sectors, utilities and real estate, traded lower.

Bokeh Capital Partners chief investment officer Kim Forrest said the rally could get extended as more sectors participate.

"I think areas like consumer discretionary has been underplayed as an area to invest in, and I think because - we were all sitting round in yoga pants essentially and not begin anything, but even yoga pants get boring so you go out and buy new ones.”

Shares of big box retailers such as Walmart, Target, and Costco rose, but traditional department store operators Macy’s, Kohl’s, and Nordstrom declined. Masked shoppers turned up in smaller numbers at major U.S. retailers on Black Friday as early online deals and coronavirus concerns dulled enthusiasm for trips to the mall.

The National Retail Federation sees a merry shopping season ahead, forecasting U.S. holiday sales will rise 3.6% to 5.2% over 2019.