Strong Black Friday sales boost U.S. stocks
Monday, November 28, 2011
U.S. stocks jumped 3 percent on Monday, November 28, following a record-setting Black Friday weekend and amid optimism that the euro zone debt crisis could be closer to a resolution.
According to CNN Money, the Dow Jones Industrial Average rose 2.7 percent and the Nasdaq composite jumped 3.5 percent. The increase marked the end of a four-day losing streak for the Dow and seven straight days of losses for the Nasdaq.
Dave Hinnenkamp, CEO at KDV Wealth Management, told the news source that the reported record sales of $52.4 billion over the Black Friday weekend were an important step forward that helped buoy stocks at the beginning of the week.
"Holiday sales seem to be off to a strong start, and that's providing fuel to the market," said Hinnenkamp. "Stocks have been trading down for days now, so this is a bounce on good news, but I wouldn't expect a straight-up rise from here."
The New York Times reports stocks also climbed over speculation that European leaders are making progress towards resolving the sovereign debt crisis, particularly as Germany and France are in discussions on a deal to fast-track the European budget.
Investors participating in online stock trading may benefit from stock market reports that reflect increased economic optimism.
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