U.S. stocks soar on strong Black Friday sales, European optimism
New York, NY, United States
November 28, 2011 10:05 am EST
Economy, Business And Finance, Macro Economics, Stocks
U.S. stocks surged Monday morning on optimism over the latest round of proposals out of Europe to reign in the growing eurozone debt crisis and strong retail sales in the U.S. over the Thanksgiving weekend.
Just after the opening bell, the Dow Jones Industrial Average soared 260 points, the Standard & Poor's 500 Index climbed 34 points and the NASDAQ was better by 78 points.
Giving stocks a strong boost were record retail sales over the long Thanksgiving weekend and forecasts of strong Cyber Monday sales.
Also buoying stocks higher were reports from overseas that Germany and France are exploring radical ways to integrate eurozone countries in order to impose tighter budget controls.
Positive market sentiment was also boosted after an Italian newspaper report suggested the International Monetary Fund was preparing a rescue plan for Italy worth up to 600 billion euros. The IMF, however, dismissed the report.
Some analysts view any gains abroad and in the U.S. as a technical rebound from oversold stocks. Longer term, risks remain and the markets are still vulnerable and at great risk.
Commodities were also participating in the Monday morning rally. Oil gushed $2.53 to $99.33 a barrel and gold looked stellar, up $33 to $1,718 a troy ounce.
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