Retail Leads Black Friday Rally

Wal-Mart, Target, JC Penney all gain; Citigroup rebounds
By Zach Samalin,  Newser Staff
Posted Nov 23, 2007 2:34 PM CST
Retail Leads Black Friday Rally
Bargain-hunting "Black Friday" shoppers crowd a Best Buy electronics store in the early morning hours Friday, Nov. 23, 2007 in Federal Way, Wash., near Seattle. More than 700 people waited in line, some since Thanksgiving Day, to snatch up bargains when the doors opened at 5   (Associated Press)

Stocks rose in an abbreviated session today, cutting losses for the week as early-bird Christmas shopping gave reason for optimism. "The fact that Black Friday is not a disaster and is off to a modest but healthy start is just a relief,'' one analyst told Bloomberg. The Dow closed up 181.84 at 12,980.88, the Nasdaq up 34.45 at 2,596.60, and the S&P 500 at 1,440.70, up 23.93.

 Wal-Mart, Target, and JC Penney rallied on the busiest day after Thanksgiving in 8 years, dampening recent speculation that "the retail world is coming to an end," said the analyst. Others predicted that, with US currency near an all-time low, exports will be big this holiday season. Meanwhile, Citigroup, Bank of America, and Wells Fargo rebounded after sinking to 2-year lows. (More NASDAQ stories.)

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