Dow Closes Back Above 13,000 Friday

By: From CNN Money
By: From CNN Money


NEW YORK (CNNMoney) -- The Dow Jones Industrial Average, the S&P 500, and the Nasdaq closed up between 1.3% and 1.4% on a post-Thanksgiving shortened trading day Friday. All three indexes ended the week up more than 3%, racking up five straight days of gains. The Dow closed above 13,000 for the first time since Election Day.

Investors were cheered by the sight of busy shopping malls on the kickoff to the holiday shopping season. Leading retailers Wal-Mart (WMT, Fortune 500) and Target (TGT, Fortune 500) opened at 8 p.m. on Thanksgiving night, and large crowds were reported at those stores and others.

During a Friday morning interview with CNN, Toys "R" US CEO Jerry Storch said the long lines at stores were probably a sign that "people do feel a little more relaxed about the economy." Macy's CEO Terry Lundgren, also speaking on CNN, said he enjoyed watching the "stream of humanity" flow into his stores.

Shares of Macy's Inc (M, Fortune 500), Wal-Mart and Target were higher Friday, as were the stocks of other prominent retailers such Sears (SHLD, Fortune 500) and Best Buy (BBY, Fortune 500).

Besides Black Friday retail sales, there was little else to move the markets Friday. But investors also stayed focused on Europe and the continued questions over Greece's finances.

European finance ministers failed to finalize the details of a debt-reduction package for Greece before the close of their meeting Wednesday. The officials had been expected to agree to release the funds for Greece so it would be able to make payments due in December.


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