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Market Recap: Black Friday Bulls; Markets Gain On The Day

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Black Friday bulls came out in full force even with rumblings in Europe. Dow gains almost 200 points.

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Stocks bounced higher on Black Friday. The Dow Industrials added 181 points, or +1.41% to 12979, the S&P 500 added 23 points, or +1.68% to 1440, and the Nasdaq Composite added 34 points, or +1.34% to 2596.

Stocks rose in today's shortened trading session. Shoppers around the U.S. swarmed into the nation's retailers as Black Friday signaled the official start of holiday shopping season. The WSJ reported retailers such as J.C. Penney (JCP), which opened as early as 4:00 AM, one hour earlier than last year, in addition to marking down toys, games, and other items as much as 50%. Retail stocks experienced a broad-based rally. Wal-Mart (WMT) gained +1.94%, Costco (COST) added +1.03%, and Target (TGT) surged +5.7%. Even Amazon (AMZN) recovered from a sluggish performance this morning to finish up +1.68%. Toddo noted the "crimson sprinkle" this morning as Amazon was trading as low as -1.4%. For more, read his Random Thoughts.

In other parts, American financials largely ignored the rumblings from their counterparts in the European sector. The Guardian reported fresh concerns arose as an examination into troubled bank Northern Rock's books revealed £53 bln of mortgages owned by offshore vehicles. Although the banks' first tranche of lending was secured with specific assets, the second tranche was secured "only by a general floating charge." Although it's unclear how much money was loaned, emergency funding provided by the Bank of England looked to be about £11 bln each. Professor Shedlock stated in his article £53 Billion Hole In Northern Rock that the BOE could likely kiss the £11 bln goodbye. Yet financials in the U.S. largely ignored the news. The Philadelphia KBW Bank index (BKX) added +3.18%. J.P. Morgan (JPM) added +3.12% and Wachovia (WB) and Lehman Brothers (LEH) led the surge both adding over +5%.

In commodities, Crude oil closed higher adding +0.70 to 97.99. Gold added +26.10 points to 824.70. Silver added +0.31 to 14.74, and copper added 9.95 to 302.95.

For more summaries, click on Minyanville's Buzz Bits.

Idea Flow

Below is a recap of some of the idea flow on today's Buzz & Banter. Please note that stocks may appear in both bullish and bearish categories, due to long and short term trades by our many Minyanville professors.

Some bullish trade or investment ideas: ESLR, WFR, FCN, SPY, QQQQ, GPS

Some bearish trade or investment ideas: BIDU, EBAY, AMZN

It's already the weekend! Be safe and have a great one!
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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