As on Main St., Shoppers on Wall St. Hunt for Bargains on Black Friday
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Saturday, November 24, 2007
NEW YORK, Nov. 23 -- Stocks rose as investors capped a capricious week by engaging in a bit of Black Friday bargain hunting while awaiting word of how retailers might fare during what is expected to be a difficult holiday shopping season.
The Dow Jones industrial average rose 181.84, or 1.42 percent, to 12,980.88. Broader stock indicators also rose. The Standard & Poor's 500-stock index advanced 23.93, or 1.69 percent, to 1440.70, and the Nasdaq composite index rose 34.45, or 1.34 percent, to 2596.60.
The Dow ended the week down 195.91, or 1.49 percent. The S&P finished down 18.04, or 1.24 percent. The Nasdaq ended down 40.64, or 1.54 percent.
Government bonds showed little movement. The yield on the 10-year Treasury note stood at 4.01 percent, flat with late Wednesday.
The dollar continued its decline against other major currencies, while gold prices rose.
Oil prices, which flirted with $100 per barrel earlier in the week, gained as heating oil rose over concerns about tightening supplies. Light, sweet crude for January delivery advanced 89 cents to settle at $98.18 per barrel on the New York Mercantile Exchange.
Advancing issues outnumbered decliners by about 5 to 1 on the New York Stock Exchange, where consolidated volume came to 1.48 billion shares. The Russell 2000 index of smaller companies rose 14.73, or 1.99 percent, to 755.03.
Financial stocks, which have seen steep selloffs in recent weeks, showed gains Friday.
Among retailers drawing Wall Street's attention on Black Friday, Target climbed $3.07, or 5.7 percent, to $57.17, while Wal-Mart Stores rose 87 cents to $45.73.
"While I'd love to celebrate this rally, it is on very thin volume, and we have to really wait until next week to get a sense of the true direction of this market," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.
Movers
E-Trade Financial jumped $1.07, to $5.33, amid speculation that it is in talks to strike a deal for all or a portion of its assets.
TD Ameritrade rose 82 cents, to $18.90.
Charles Schwab rose 75 cents, to $23.56.
