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Intel Corporation Message Board

  • wallisweaver wallisweaver Nov 23, 2012 12:36 PM Flag

    US Stocks Rise Sharply in Black Friday Retail Rush

    [At last some real news to offset the massive Wall Street doom and gloom propaganda machine. Intel is insanely oversold...]

    U.S. stocks rose solidly on Black Friday, the unofficial start of the holiday shopping season. Traders were encouraged by positive economic news from Germany and China, two engines of global growth.

    The Dow Jones industrial average was up 121 points at 12,957 after an hour of trading, on track for its best weekly percentage gain since early June. The Standard & Poor's 500 index rose 13 to 1,404. The Nasdaq composite index gained 31 to 2,957.

    German business confidence rose unexpectedly in November after six straight declines, a closely watched survey showed, raising hopes that Europe's largest economy can continue to weather the continent's financial crisis.

    Munich's Ifo institute said its key business climate figure rose to 101.4 in November from 100 in October. Economists had predicted a modest drop.

    China's manufacturing expanded for the first time in 13 months in November, the latest sign that the world's second-biggest economy is recovering from its deepest slump since the 2008 global crisis. HSBC Corp. said its monthly Purchasing Managers' Index improved to 50.4 for November. Any number above 50 indicates expansion.

    The PMI measures overall manufacturing activity by surveying indicators including orders, employment and production. The result was released Thursday, when the U.S. market was closed for Thanksgiving.

    Around the U.S., shoppers flocked to malls and logged on to computers to take part in the annual cheer-fueled retail rush known as Black Friday.

    Many stores opened earlier than ever. Target and Toys R Us opened on Thanksgiving evening. Retailers are also trying to draw shoppers with free layaway and shipping, by matching prices of online rivals and by beefing up mobile shopping apps.

    Retail is a key driver of the nation's economy. Consumer spending accounts for about 70 percent of U.S. economic activity. November and December, which can account for as much as 40 percent of a retailer's annual revenue, are crucial for stores.

    The Friday after Thanksgiving is known as Black Friday because it begins the period in which many retailers turn profitable for the year. Traders will be looking for signs about how enthusiastically Americans are spending. That could reflect the momentum of the economic recovery.

    Sentiment: Strong Buy

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    • yeah, pity those who shorted at 19.77 and covered the pop over 20.00. the day you got so excited. Poor Wally, woefully underwater holding since the lofty heights of 24.00 way back in June of 2010/ I doubt many people want a new pc under the tree.

 
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