Stocks extend rally on retail cheer
December 2nd, 2010
06:56 PM ET

Stocks extend rally on retail cheer

U.S. stocks rallied 1% Thursday, building on the previous session's big gains, as investors cheered strong retail sales and welcomed the European Central Bank's plan to extend liquidity measures.

The Dow Jones industrial average jumped 107 points, or 1%; the S&P 500 climbed 15 points, or 1.3%; and the Nasdaq rose 30 points, or 1.2%.

Gains were broad-based, with all but three of the Dow 30 rising. Home Depot, Alcoa and Bank of America led the advances.

Retailers helped prop up stocks as strong chain-store sales rolled in, signaling consumers are loosening their purse strings. Shares of Abercrombie, Dillards and JCPenney all jumped.

"This continues the trend we've been seeing in the past couple months of retail sales being better than expected," said Ryan Detrick, senior technical strategist Schaeffer's Investment Research. "It's a very positive signal that consumers are coming back and confidence is coming back with them."

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soundoff (23 Responses)
  1. No Dice Tim Tice

    New York City misdemeanor violators often can't post bail is debtors prison.

    December 3, 2010 at 6:15 am | Report abuse |
  2. Ed Bailey

    Stocks skyrocket on news of holiday cheer. Careful wilber, don't stand up in that kayak just yet.listen to that huge vacuum sound of "give me" coming from the over financed fat cats who grasped at the fact that "maybe" OUR OXYGEN LEVEL INCREASED by a percentage NOT MEASURABLE. Who do you trust. Look at your wallet, they havr how many trillions in reserve.buy american, no matter how bad it hurts. Give the bean counters something to count!

    December 3, 2010 at 6:33 am | Report abuse |
  3. Ed Bailey

    Pleasant idea, when the bean counters start losing beans, maybe THEY WILL LOSE THEIR JOBS!

    December 3, 2010 at 6:40 am | Report abuse |
  4. Jobe L. Price

    With the new Tools in play and Mr. Hope bent over, the new floor of the financial mezzanine is now a human shield.
    The what used to be called investment banks are 20 percent bigger then before financial crisis.
    They will never be dictated to again.
    Anyone who would enjoy political success had best be fully onboard the money wagon.

    December 3, 2010 at 6:52 am | Report abuse |
  5. Ed Bailey

    Can't imagine watching the scramble for beans while those sarah palin childlike plastic smiles fade.

    December 3, 2010 at 6:53 am | Report abuse |
  6. Archibald Caux Jr.

    A/men. ahheemm.
    Amen.
    Why sensor amen?

    December 3, 2010 at 6:58 am | Report abuse |
  7. Chicago Park Democrat

    How bout this cheer.
    Yes we can.
    Yes we can.
    Yes we can.
    sp oon

    December 3, 2010 at 7:03 am | Report abuse |
  8. Homer Simpson

    we are definitly fuked! keep giving to the poor, because your not taking it from the rich. I personally have paid down my debt, put my morgage payments in the bank until im foreclosed, and take that money and buy my neighbors foreclosure at pennies on the dollar, i will never play the central banking game again! They sell foreclosures at 40-50% of whats owed, or less, and post record profits, how the fuk do you do that. When i was growing up, if you made a bad investment you LOST money.

    December 3, 2010 at 8:15 am | Report abuse |
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