Inking the fifth straight day of gains, by more than 1 percent, the US stocks wrapped up Black Friday.
On a post Thanksgiving shortened trading day, the Dow Jones Industrial Average, the S&P 500 and the NASDAQ closed up between 1.3 percent and 1.4 percent, thus ending the week by more than 3 percent up, all three indices combined. This was first day since election when the Dow Jones Industrial Average closed above 13000.
On Thanksgiving night large crowds were spotted at the stores of leading retailers Wal-Mart (WMT: US) and Target (TGT: US) when the stores opened at 8 PM.
Everybody is looking exited and planning for their shopping. It was a festival season and everybody has plenty of disposable money in their hands. as per the customs and tradition people spend a lot of buying gifts, food stuffs, clothes and other articles.
Black Friday Shopper out in Force:
Apart from black Friday retail sales there was little less to move the markets on Friday. The investor focus was on Europe and Greece’s Finances.
While ordinary people think about shopping for the festival of black Friday, the investors, on the other side tries to explore new ways of investment.
The finalisation of the details of the debt reduction package for Greece failed before the close of the meeting of the European Finance Ministers, thus failing on the expectations of release of funds for Greece for the payment due in December.
Positive US economic numbers enabled the stocks to finish higher on Wednesday, though the US markets were closed on Thursday for Thanksgiving.
Following an anticipation of sales of Blackberry 10 smart phones due to be rolled out early next year by a Canadian brokerage firm National Bank financial, the shares of blackberry maker Research In Motion (RIM: CN) moved up nearly 15 percent.