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. Jim the Honest fixed income trader

    For a price I'd do about anything/except pull the trigger/for that I'd need a pretty good cause.

    Queensryche Revolution Calling

    Its the Banks or Us!

    December 2, 2010 at 7:02 pm | Report abuse |
  2. Joe the dummer plumber

    "All truths are easy to understand once they are discovered; the point is to discover them."
    Galileo Galilei

    December 2, 2010 at 7:48 pm | Report abuse |
  3. Justin

    I think the guy just deserves some credit. I mean he bowled three perfect games. That right there is somegreat talent. He should feel good about himself.

    December 2, 2010 at 8:24 pm | Report abuse |
  4. Bob

    All right everyone lets just take a deep breath and calm down.

    December 2, 2010 at 8:28 pm | Report abuse |
  5. Not bitter

    Damn its cold out here.

    December 2, 2010 at 8:34 pm | Report abuse |
  6. L Ron Lloyd Blankinstien

    Do not worry. We own the retail sector so new inticements and indulgences will be made available to those wishing to purchace gifts with credit cards.
    This credit has been given to you by way of mezzanined traunches. Or more simply put, towers of debt.
    There is no risk of debt market failure because if you don't pay your bill your neighbors will.
    The Tool we have in our belt to accomplish this magic is called U.S. Treasury.
    So eat drink and shop crazy. There will be no day of reckoning.
    If the printing press breaks we will call China. If they want their money back we will unholster our military.
    So cheer all around.

    December 2, 2010 at 8:51 pm | Report abuse |
  7. Tom

    The contrarians are wrong. The market will run up 1000 points by the end of the year.

    December 2, 2010 at 9:02 pm | Report abuse |
  8. Charles Mackay

    Don't attempt to create another extraordinary popular delusion.

    December 2, 2010 at 9:16 pm | Report abuse |
  9. eye eye

    cap tain
    .
    .
    here baby there momma everywhere daddy daddy
    hair, hair, hair ... grownin showin .... long as I've been growin my hair ....

    December 2, 2010 at 10:54 pm | Report abuse |
  10. susanwilcox

    I just wanted to THANK YOU so much for find 3.17% Rate. You were great! The closing went really smoothly on my Mortgage Refinance. As in the past, I'll continue to tell everyone about "123 Mortgage Refinance"

    December 3, 2010 at 1:55 am | Report abuse |
  11. L Ron Lloyd Blankinstien

    No problem. We are putting the Tool to good use.

    December 3, 2010 at 4:33 am | Report abuse |
  12. Flakelin Tiwmid

    You must be aware of a new Tool made available to the Fed.
    It presses the last few drops of blood out of the Jobless, Homeless.
    More importantly it creates vast fortunes out of thin air only for those making over $250,000. And even more for those making real MONEY.
    JOHN BOEHNER is the new Tool.

    December 3, 2010 at 5:05 am | Report abuse |
  13. Dave

    Yes I,ve heard of the new Tool.
    He' a rockstar and plays in a band called Smoking Orangemen.
    First song is called.
    What we have for you.
    Second song is called.
    Three rubber buiscuits.

    December 3, 2010 at 5:14 am | Report abuse |
  14. L Ron Lloyd Blankinstien

    We own the new Tool.In fact the new Tool has been working well for us for many years.
    Do not worry though, the new Tool is a good golfer and works with very little consideration of its own sharpness.

    December 3, 2010 at 5:27 am | Report abuse |
  15. Tom

    Good article Thomas M Hoenig.
    Finally someone real at the Fed.

    December 3, 2010 at 6:01 am | Report abuse |
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