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U.S. Stocks Gain, Capping S&P 500’s Best Weekly Rise Since 1974
Elizabeth Stanton
Bloomberg
Saturday, Nov 29, 2008
U.S. stocks gained, capping the biggest weekly advance for the Standard & Poor’s 500 Index in 34 years, on speculation that government bailouts will shore up the economy.
Citigroup Inc., which had $306 billion in troubled assets guaranteed by the government last weekend, rallied 18 percent for its fourth straight gain. General Motors Corp. climbed 8.9 percent and Ford Motor Co. surged 25 percent as the automakers considered cutting debt and labor costs to win federal aid. Target Corp. slumped 3.9 percent as retailers extended discounts to lure shoppers amid what is forecast to be the slowest holiday shopping season in six years.
“It’s going to be a really tough Christmas shopping season, but a lot of this is built into the stocks, and there is huge stimulus coming down the pipeline,” Alan Gayle, senior investment strategist at Ridgeworth Capital Management in Richmond, Virginia, said on Bloomberg Television. “We are cautiously bullish.” Ridgeworth manages $70 billion.
(ARTICLE CONTINUES BELOW)
The S&P 500 climbed for a fifth day, adding 1 percent to 896.24 to complete its longest streak of gains since July 2007. The Dow Jones Industrial Average rallied 102.43 points, or 1.2 percent, to 8,829.04, while the Nasdaq Composite Index increased 0.2 percent to 1,535.57. Almost two stocks rose for each that fell on the New York Stock Exchange.
Best Week Since ‘74
The S&P 500 surged more than 12 percent this week, its best weekly performance since 1974, as the Federal Reserve committed as much as $800 billion to help resuscitate lending markets and investors speculated President-elect Barack Obama’s economic team will bolster growth. Obama said Nov. 26 that he will implement plans to shore up the economy on “day one” of his presidency.
About 787 million shares changed hands on the NYSE in the slowest trading session of the year. U.S. exchanges were shut yesterday for the Thanksgiving holiday and closed at 1 p.m. today.
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7 Responses to “U.S. Stocks Gain, Capping S&P 500’s Best Weekly Rise Since 1974”
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November 29th, 2008 at 2:28 pm
Pretty pathetic when the stock market rises because of corporate welfare programs.
November 29th, 2008 at 2:59 pm
I THIK IT’S FUNNY HOW THE COUNTRYS LARGEST CRASH, AND A 1/4 RISE BACK UP IS TRANSLATED INTO THE LARGEST GAIN IN HISTORY ?
WELL WHAT ABOUT THE REMAINING 3/4 LARGEST CRASH ?
November 29th, 2008 at 5:23 pm
It will crash again this week. Black friday is over. Hope everyone bought guns and ammo. Plan to camp out for a longtime.
November 29th, 2008 at 9:20 pm
Every thing is coming up roses,all of a sudden the sky is not falling?bulls#it this is the calm before the storm hits for the big time,one more deal to sooth the buyers/people to pull the rug completely from beneath us all,plant those potatoes..they cannot be devalued,if you have food in your stomach ,all is good value.I don’t know about your side of the planet ..but all of a sudden the tv stations have ramped up their quality and number of movies on offer…am i untrusting..or are’they’ trying to placate the masses and keep the drip feed going till it is too late for us to wake up/act ?
November 29th, 2008 at 10:31 pm
1.5 trillion ought to buy a pretty good jump.
I don’t own anything besides what’s in my apartment so I really don’t care if the market goes haywire. I walk or bus so OPEC doesn’t concern me. If my work disappears I will find more. If there is no more work I will improvise like all the other earthbound suckers. If teradactyls, troglodytes and trolls and ten tonne tarantulas appear I will stand on the top of that hill and recant my curse that God is trying to bore everone to death.
November 30th, 2008 at 7:15 am
All is well, go back to sleep. That’s the MSM message here. The sad thing is that millions will go back to their slumber while millions more idiots will think this is the bottoming and start buying back in. Of course the elite will all be liquidating as fats as they can while the little guy foolishly buys into the propaganda.