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Subscribe to RSSNEW YORK — U.S. stocks jumped Monday as optimism grew that European leaders would come up with a new plan to resolve the region's debt crisis and following a strong start to the U.S. holiday shopping season.
According to preliminary calculations, the Dow Jones industrial average closed the day up 291.16 points, or 2.59 percent, at 11,522.94. The Standard & Poor's 500 Index was up 33.95 points, or 2.93 percent, at 1,192.62. The Nasdaq Composite Index was up 85.83 points, or 3.52 percent, at 2,527.34.
All 10 S&P sectors were up sharply, but energy and consumer discretionaries were among those with the biggest gains.
Retail stocks rose after upbeat reports on the start of the holiday shopping season over the weekend. Shares of Macy's jumped 5.3 percent to $31.01.
Weak consumer spending has been a worry for investors, and the holiday period would likely confirm whether there's been any improvement in that area.
On the European front, efforts heated up to ease Europe's sovereign debt crisis, which contributed to the benchmark S&P index's recent seven-day string of losses.
Germany and France pushed to acquire powers to reject national budgets in the euro zone that breach European Union rules ahead of an EU summit on Dec. 9.
Also, an Italian newspaper report suggested the International Monetary Fund was preparing a rescue plan for Italy, but the IMF denied the report.
"The rumors ... have emboldened risk-takers to cover shorts. Unfortunately, these rallies are short-lived until real dollars or euros are injected into the financial systems," said Chad Morganlander, portfolio manager at Stifel, Nicolaus & Co in Florham Park, New Jersey.
Morganlander said the day's gains could be just a quick rise after recent losses. Wall Street just had its worst week in two months.
Reuters contributed to this report.
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And they will be down 300 points tomorrow
The worship of Mammon is soul-less.
It is stomach churning to see people salivate over money, especially the rich and the super-rich 5%.
Fortunately for them, the FED, under the Bush Administration gave banks (read: Wall Street), $8,000,000,000,000 in addition to the TARP funds, under Bush worth $800,000,000,000.
Heck of a job, 1%
OWS is spot on.
The real cause of our problem is debt based monetary system and interest based fractional reserve banking. How? Let me explain:
In our monetary system money is created by borrowing. When we borrow, banks create money:
www.kondratieffwavecycle.com/web-of-debt/
When entire money supply is debt like this and has principal + interest to pay back, borrowing must expand exponentially faster. Otherwise, money supply which is the principal will not be enough to pay the old debt which is principal + interest.
Our population increased for two centuries and we were able to run this system without much problem. But now we have reached the end game. After sub-prime, we ran out of borrowers. Thus borrowing slowed down. That means money creation has slowed down. This is why Bernanke prints and inflation is no where.
This is a deflationary crash and a way to delay it is to open the gates and allow more and more immigration into the USA. Otherwise we are doomed. An entire nation cannot borrow together for decades and then hope that all will be fine when the pay back time arrives. This is the fundamental problem we are facing.
thank you sushi and folks like u, for being wide awake, unlike most of these fools who have no @!$%#in clue on how the stock market is run! The crooked federal reserve system has been manipulating the stock market for years!! HAS ANYONE NOTICES HOW THE STOCK MARKET WILL BE DOWN 200+ PTS ONE DAY THEN SKYROCKET THE NEXT!!they control volatility of stocks with massive derivitive buy outs and bail outs for corporations who are "to big to fail". basically, the stock market is like a casino to investors and insiders, they roll the dice on tax payers dimes, and hey if they @!$%# up on their bets, they just put it on the taxpayers tab!! haha...wat a country!
Sushi,
"And they will be down 300 points tomorrow"
That's right. It's all transitory. Here today; gone tomorrow. They still have not gained back nearly as much as they lost last week. They ended up in the red every single day last week, and a couple of times deeply in the red.
Yep, just wait until the IMF's "denial" becomes a "reality" then see what the DOW does, especially when the public finds out how much the Treasury and the Federal Reserve is "required" to pay into the IMF for this bailout. That is, if they make the information known.
Someone (Soros.....cough, cough) is going to make a fortune betting against the EUro PIIgs "austerity measures".
Stocks surge amid euro zone, consumer hopes:
It's GWB's fault!
This is not my forte and I hope someone will be kind enough to give me a synopsis of how all of this works.
I understand that banks make their money off of interest only. I understand that if people lose their jobs they can't pay principal let alone interest. I understand this from a layman's point. What I don't understand is how all of this ran into trillions. Has every 99%er in America lost their job or has this money been lent to the 1%ers who have manipulated the stock market and lost? And how does this all tie into the euro and the stock market.
And if the market crashed who loses the most? The 1%ers or the average American?
AND I understand that the Fed is and isn't tied into the government. I mean Obama appointed William C. Dudley to head the NY Fed so if it isn't a government entity why is the President appointing anyone? By the way try to find ANY history on Dudley....it just isn't there.
I have heard rumors that all of this is a planned event. That eventually we will have a world currency and it looks to me like it will be the Euro. How well has THAT been working out?
If someone who really knows what they are talking about would explain all of this to me in simple terms I would appreciate it.
Is it really such a good sign that everyone was shopping on the biggest discounted day(s) of the season...seems to me that a lot more people this year will be spending less and are trying to get the most bang for their $. While its great to have a strong first weekend, I wonder if it will just lead to disappointment if Americans spent all (or most of what) we are going spend and the next month spending goes down the tubes. Or stores have to continue deep discounts to get people to buy - which will really hurt margins (which wall street doesn't take kindly too)
This is all an illusion.
The collapse of the Euro and the Corporate Welfare from American (FED) and European Central Banks, will cause the system to collapse yet again.
The rich cannot bail themselves out with Taxpayer money indefinitely.
Pathetic.
@Never
Is it the fault of the banks or the fault of the fed for extending that hand?
Seems as if you want to demonize the rich yet not attack the true problem, our federal reserve.
Who would ever shop in the middle of the night on Black Friday (Thanksgiving)? All of these indigents fighting over a miscellaneous object which mind you can't really can't afford it makes me ill. When you see these (idiots) on TV smiling and fighting over something that will be CHEAPER after Christmas just makes me crazy.
The people that can least afford materialistic objects are the ones fighting/maiming/pepper spraying/ crushing / while stepping over other low income ilk collapsed people just so they can prove to the "hood" that they are worthy.
Say a thank you to all the people who have made it their life's mission to take the real meaning of Christmas away from us: ACLU, DEMOCRATS, COMMUNISM, SOCIALISTS - Wards of the STATE etc...
Yeah it's those greedy Democrat isn't it Flash....sighhhhhhh
And what happens in January when people quit spending, or forget to pay those CC bills they racked up during Black Paganism Day. Oh no.... Never in America !
So it must not be as bad as what the media prints. Guess the recession is over and things are a rolling along.Awsome!!!!!!!!
Hooray ! Happy days are here again ! Funny though..... given record umemployment, falling home prices, and spending being down for several quarters, all of a sudden we have this surge.
I think that much of this money has gone to plastic, and the people who have been out on the proverbial limb for sometime now, are just going to MAX out their credit and claim bankrupcy. AKA: going out in style.
Hopefully, all the bargain hunters, shoppers and everyone else who became endeared by the so-called Black Friday hype will carefully check their merchandise, particularly electronic items, to ensure they didn't purchase refurbished or returned goods. Believe me, it occurs more than one can imagine. Having been employed by one of the leading big box corporations, returned items are merely recycled to the next purchaser willing to pay, particularly at this so-called holiday season. It's all about the bottom line.
Hmmmm, that sounds like "recycling" some spoiled food items.
hazen44,
Yeah, especially at Walmart. Let's tell it like it is. The electronics are poorly made. And that 10 dollar coffee maker is just asking for a house fire, if it works for more than a month. If there isn't a UL label on the product, you cannot trust that the electronic item has been checked for even the minimum of safety standards. Those who risk cooking with those aluminum pots and pans Walmart has for sale should plan on cooking your way to metal poisoning, or Alzheimer's too. The thread count for towels is almost nonexistent. Their clothes look like late grunge, or early seventies (ladies apparel is really bad). If you don't want something written across your chest, be it an advertisement, or Betty Boop, don't go there. The girl's and ladies clothes are so bad, and in such poor taste, it almost makes me want to pierce my nose with a bone, and guzzle an imperial quart of Schlitz malt liquor before I go to shop for food.
To top that off, Walmart always talks about how low their prices are but I've seen the mark-ups on many of their items, and it ain't pretty. And yes, even the sales are marked up, and way too much for what you're getting, IMO.
I also like the way Walmart puts out their brand of food items at a decent price, at first. If it's something the public likes, they get you buying it, then take it off the shelves and replace it with a similar item that's much smaller, and much more expensive.
I have to say, they do have some very nice people working there though. To nice, and too good to be working for $7.25 @ hour.
The worst combination: high prices, and low quality goods. Even the sales are marked up.
YEAH YEAH YEAH!All the bargain hunters were out there, and the profits stunk.Why because retailers were marking thins top the bare bones just to get people to shop.
How long do you think that can keep up?
HAPPY DAYS ARE HERE AGAIN!BLAH BLAH BLAH BLAH!
Where I live, I over-heard the store manager at Walmart (by accident) saying that sales were off by 33%, and that the higher ups were breathing down his neck, as if it was his problem. If it weren't such backward thinking on the upper administration's part, and so tragic that Walmart continues to support China, it would be funny. Nothing has changed. Nothing.
Same old crap, just another day.
Exactly!
Wait a minute PMSlsd, you just said earlier it was going down.........right, or was that up, no wait, it was down, I think? Oh, I forgot to read the statement below.
A recent survey by Poll Position, a nonpartisan online polling firm launched by former CNN News chief Eason Jordan, asked Americans which news network does the best job. The hands-down winner: Fox News, with 36.1 percent, followed not so closely by CNN with 27.8. MSNBC was on Life Support with just 16.6 percent.
Whoa buddy!
Poll Position, a nonpartisan online polling firm? ... LOOK IT UP PEOPLE!!!
http://pollposition.com/
I just looked at their webpage and it chock full of GOP BS! So much for the nonpartisian.
And you must be looking at the wrong question results.
The question and numbers that you are quoting from must have been.....
Which network does the best job at hacking personal information and spin?
doem,
Go look at any of the independent rating agencies results, recent and historical. Fox dominates viewership as well (usually more than 2x the 2nd place network, CNN) - given the usual viewer loyalty, the Poll Position results are not surprising.
And you can yank my chain until I..I...I... cum over to your side. I'sn't gonna work on me or the rest of the hobbled of America looking for a job that was outsourced by your BUD'S @ FOX and Corp. friend's.
Oww. Hit a nerve...... Fox and Friend's!
Rupert, family, and Fox are doomed once this inquiry all comes out!
Why???? Rupert bought his way into American citizenship and airwaves. If this plays out as expected, poor FOX will become a ZZZZZZZZZZZZZZZZZZZZZZZ / no picture on your TV set.
Fox will survive by being bought out, but NOT owned by the KING of hacking...Murdoch!
As far as your ratings: Hitler once had a 100% rating from his people. How did that work out?
doehm-Even if the hitler liberal media owns 100% of the airwaves, which they will if fox failed, they will not be able to polish this turd for 2012. Don't forget hitler was a socialist, just like your obamabot leader.
TPMDC
Poll: Fox News Viewers Less Informed Than Those Who Read No News
David Taintor November 21, 2011, 5:00 PM 43081437
Get this: Fox News is — gasp! — not all that informative, according to Fairleigh Dickinson University’s latest PublicMind poll.
The poll — which asked New Jerseyans where they find news and information about current events — found that Sunday morning news shows are the most informative, while Fox News actually leads people to be less informed than those who consume no news at all.
“The (poll’s) results show us that there is something about watching Fox News that leads people to do worse on these questions than those who don’t watch any news at all,” said Dan Cassino, a political science professor at Fairleigh Dickinson and an analyst for the poll.
The results probably won’t come as much of a shock. In December, TPM reported that a University of Maryland study showed that daily Fox News viewers were the most misinformed, regardless of political party.
I understand there have been 5-7 different polling agencies showing the same results. AND if you like faux so much...go there. I'm sure we won't miss you!
Perhaps you should take a look at the poll questions before posting the results of that thoroughly debunked poll. PublicMind's definition of "Informed" is highly debatable, unless you haven't a clue as to the difference between opinion and fact...
The market is good/bad today because large institutional traders are greedy and pyshcotic.
Repeat answer daily
America - stop blaming Europe for your own failure. The cause of the fall of this country is in front of your eyes ... check the members of Senate, Congress, White House and all the other dirt in D.C.
But you'll hardly hear about the 300 pt rise on the mr grover propaganda i mean rushbo radio 3 hours. It is because they will tell you that obama has failed economically. Hehehe. Apple computer goes from garage to past exxon-mobil and the economy is tanking.
I am investing in pepper spray stock this season!
The stock market is confusing optimizium with a dying man's last smoke. Good Luck Next year you thieving sons of a female dog. I hope the stock market crashes to 3500 that's about where it should be.
Summersk,
And don't you know that when Fannie Mae and Freddie Mac went down that is exactly what was done? Our own government sold us out. The whole U.S. is up on the sales rack at the international bargan basement sale.
Yup. Enjoy the U.S. with a population of 320,000,000 while you can. 320 million is the size of China's or India's middle class.
Further, if we aren't going to start making and using solar power so that the prices can go down and become compeditive, and R & D can do their thing, we will become as dependent upon China for Solar power as we have been, and still are, with oil and the Middle East. And for all those anti-greeners, out there, sustainability doesn't mean we don't use natural gas, or biofuels, etc... but it does mean we get energy savvy.
We should have built an infrastructure, rail roads and light rails. We should be planting more trees for sustainability but what do we have? We have a broken stock exchange, and a fiat dollar.
Purchasing a bunch of consumer goods made in China, with 90% of it ending up at the dump a couple of years from now does not tout stock market stability, IMO.
One good thing, Barney Frank is retireing, YEAH!!!!!!!!
Solar power - you can't be serious!!! LOL! Solyndra anyone? LOL!!!!! Solar will never be able to command the position fossil fuels has idiot. Didn't you hear that we just discovered a 100 years or thereabouts of oil in South Dakota? And combine that with over 200 years of clean coal reserves,the sand oil in Canada and don't forget the existing oil in Alaska and we can tell OPEC to keep 80% of their oil! If the idiot in chief would release us to drill in the Gulf - we may be even able to be self sufficient. So, get off the solar juice and realize the farce that it is. Right now, if you invest in solar systems for your home, it takes about 20 years to get your investment back. I did the math as that is what I do for a living So, Wake up! Solar is a joke that has been foisted on us.
Maryland Republican,
Who do you think you are calling me an idiot? Where did I say Solar was going to totally replace other fuel sources? Get off your puny pony. Yes, I am fully aware of Solyndra, and the increditably bad move it was on the President's part to invest in a poorly run business like that based on political ties. It gives all of sustainability a bad rap. But you better look around at the rest of the world before you start spouting off at the mouth. Ever heard of the Spudnick? It's better than doing nothing. Research and development will go well beyond what we have today but you have to invest in the alternative energy market in order to create a viable solution to a finite problem. Fossel fuels are just that, finite and, even though we have found, and will use the oil we will produce (and I never said we wouldn't) it will run out. Yes, we have an abundance in coal as well, enopugh to last us 100 years and the going rate of consumption but that too will run out. And if you say coal is clean, no, not yet. Look at China.
And you better do something else for a living if you think it takes 20 years to get your investment back, jack. Your math skills obviously don't exist.
The stock market is grasping at straws. I pulled out of the phucking thing.
I don't get it. My wife and I make very good salaries. We have 1 child going to a private college. We own all three of our cars and just generally are doing well at this point. So, my question is this - how the hell are people affording to splurge on Christmas? People supposedly flocked to the stores Friday. My wife and I looked at each other and were astounded by the reports from the news media. We probably make more than 95% of most people and yet we are cutting back this year. So how are people affording this? Is it debt for pleasure? I certainly hope not but I feel that's it.
Maybe people don't realize how bad the Euro crisis really is. Of course, I don't doubt how stupid the average american is given the man they voted in as President. A total and absymal failure. I sure hope people like those Dynex TV's they bought at Best Buy for the couple of months they are going to last.
One last point - a wise man told me it's not how much you sell that counts - it's how much profit you get from your sales. We'll see how good this Christmas season really is in January when the profit reports start rolling in. And, lets not to forget what the reason for the season is - Jesus our savior.
Maryland republican,
I agree with you, the EU crisis is the real story. I would add U.S. debt and a stalled economy to the puzzle. Black Friday has very little to do with solving any of our problems at this point. January's financial reports should tell the tale but will those be fudged as well?
It seems like the stock market should know the situation most Americans are in. Maybe we're getting all of this false vibrado at the exchanges because of the election year coming up.
Sometimes, I think we are purposely being held back from competing.
LMAO,,just the normal filthy rich Demoncrats manipulating the market...It will sell off again in a couple of days when they have fleeced the suckers....
It will tank again in a few days, Americans rushed for deals as they are broke due to the incompetent leadership in DC.
Keep the Kool-aid coming guys...drink it up!
This shopping spree is a cry for help. Last Christmas was a dud and this year, it appears that everyone is desperate for some type of good time...why? The future doesn't seem to be too bright. Iran, China, no money, new bill passed "horses to be killed for human consumption ...Yes, check it out...right here in USA. No body knows what is coming next, not to mention the dummies up for election or what is happening to our children. I suggest this is a What-the-hell Christmas, maybe non next year.
A world economy and social structure built on people buying more crap that they don't need and can't afford without going into debt from which they will never recover? Sad, very sad, and scary!!!
Just shoot me now!! We are circling the drain, for sure.
If it were not so serious, it could be almost comical. But, it is WAY to serious!