US markets continue to revive

November 29th, 2008 - 9:09 am ICT by IANS  

Barack ObamaNew York, Nov 29 (DPA) US stocks extended their rally to a fifth day with the Standard & Poors 500 Index capping its biggest weekly advance in 34 years.As US shoppers swarmed stores on Black Friday - traditionally the nation’s biggest annual shopping day as consumers rush out to make use of bargains - experts were bracing for a disappointing outcome amidst the financial crisis.

Target Corporation shares slumped 3.9 percent as retailers extended deep discounts, Bloomberg financial news service reported.

Citigroup Inc continued to rally from the government guarantee of its troubled assets. General Motors and Ford surged 8.9 percent and 25 percent respectively as they discussed ways to cut costs and get federal aid.

Investors were also anticipating a new congressional stimulus package once president-elect Barack Obama takes office Jan 20.

“We are cautiously bullish,” Alan Gayle, senior investment strategist at Ridgeworth Capital Management in Richmond, Virginia, was quoted as saying.

The blue-chip Dow Jones Industrial Average rose 102.43 points or 1.17 percent, to 8,829.04. The S&P 500 jumped climbed 8.56 points, or 0.96 percent, to 896.24. The technology-heavy Nasdaq Composite Index increased 3.47 points, or 0.23 percent, to 1,535.57.

The US currency jumped to 78.794 euro cents from 77.482 euro cents Wednesday. The dollar fell against the Japanese currency to 95.525 from 95.678 yen Wednesday.

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