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


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

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!
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No positions in stocks mentioned.

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