Business Today

Dow closes 291.23 points up on holiday sales, new hopes on Europe debt solution

The US stocks soared on Monday, with the S&P 500 snapping a seven-day losing streak, as investors were encouraged by strong holiday sales and new hopes for a more radical European debt solution.

IANS   New York     Last Updated: November 29, 2011  | 10:06 IST

The US stocks soared on Monday, with the S&P 500 snapping a seven-day losing streak, as investors were encouraged by strong holiday sales and new hopes for a more radical European debt solution, Xinhua reported.

Data showed that American consumers spent more than expected in the Thanksgiving Holiday, easing concerns for a more sluggish economy.

According to the National Retail Foundation, Black Friday sales hit records this year, pulling in $52.4 billion. Cyber Monday, the biggest online shopping day of the year, was also expected to have an impressive sales result as customers make the shift to online shopping.

PERSPECTIVE: Reality bites Europe

Adding to the Euphoria, investors were hoping Germany and France will take more radical ways to deal with the euro zone's debt crisis.

Meanwhile, expectations were rising that the Federal Reserve will launch another round of quantitative easing, focused on buying mortgage-backed securities, as part of a global effort by central bankers to ease policy.

As of Monday's close, the Dow Jones industrial average rallied 291.23 points, or 2.59 per cent, to 11,523.01. The Standard & Poor's 500 surged 33.88 points, or 2.92 per cent, to 1,192.55. The Nasdaq Composite Index soared 85.83 points, or 3.52 per cent, to 2, 527.34.

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