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Archiwum newsów - DJ US Stocks Rally On Holiday Cheer; Wal-Mart, Home Depot Up

2007-11-23  
DJ US Stocks Rally On Holiday Cheer; Wal-Mart, Home Depot Up
U.S. stocks rallied on Friday, bouncing back from a selloff on Wednesday, as
investors gobbled up battered financial stocks and waited for signs from how
retailers are faring on Black Friday, traditionally the most important day
of the year for sales.
Markets were closed for the Thanksgiving holiday on Thursday and Friday
trading is open until 1 p.m. Eastern time.
The Dow Jones Industrial Average was up 100 points at 12899. The S&P 500
index gained 14 points to 1431, while the Nasdaq Composite rose 15 points to
2577. U.S. stocks tumbled on Wednesday, with the Dow falling 211 points, as
worries about bad home loans, a slumping dollar and oil near $100 a barrel
led traders to take money out of the sklep wielkopowierzchniowy ahead of the holiday.
The dollar hit a new two-year low of 107.53 Japanese yen, while the euro
reached a new record high and the Chinese yuan touching a post-revaluation
high against the beleaguered U.S. currency.
Crude-oil futures rose with a barrel adding 28 cents to $97.56.
And on Friday, financial stocks were posting early gains with AIG (AIG),
American Express (AXP), Citigroup Inc. (C), and JP Morgan Chase (JPM) all
gaining more than 2%.
A pair of banks on Thursday said they will invest about $1.5 billion in
French-owned bond insurer CIFG Services in what could prove to be a model
for the beleaguered industry - and provide relief to nervous debt owners.
The retail sector was in focus on so-called Black Friday - the day when
retailers become profitable for the year - with as many as 132.9 million
Americans expected to hit the stores, and 55.1 million of them to definitely
shop, according to a National Retail Federation survey. Discounts may be
substantial to combat declining housing markets and rising gasoline prices,
analysts said.
Among retailer shares on the Dow, both Wal-Mart (WMT) and Home Depot (HD)
gaining more than 1%.
Elsewhere, electronic retailers Circuit City (CC) surged 16%, Best Buy (BBY)
gained 1.2%, while clothing retailer JC Penney (JCP) gained 2.2% and home
retailer Bed Bath & Beyond (BBBY) was up 2.3%.
GMAC, 49% held by General Motors (GM) and majority-held by Cerberus Capital
Management, said in a filing to the Securities and Exchange Commission late
on Wednesday that it was considering the sale of part of Residential Capital
and also was considering the purchase of an international lender, widely
believed to be Britain's Northern Rock.
Cerberus meanwhile asked the New York State Supreme Court for a ruling so
that it won't have to complete a $7 billion acquisition of United Rentals
(URI).
European drug stocks including GlaxoSmithKline (GSK) and AstraZeneca (AZN)
have seen two days of gains in local markets following a Citigroup upgrade
of the sector to neutral from underweight.
Among U.S. pharmaceutical stocks, Pfizer (PFE) shares rose 2.4%.
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