Bloomberg Financial - Nov 23, 2012 2:18 PM ET:
U.S. stocks climbed, giving the Standard & Poor’s 500 Index its biggest weekly rally since June, after data showed German business confidence unexpectedly expanded and the American holiday shopping season began.
The S&P 500 rose 1.3 percent to 1,409.15 at 1 p.m. New York time, for its biggest gain on the day after Thanksgiving since 2007. The index rose 3.6 percent this week. The Dow Jones Industrial Average added 172.79 points, or 1.4 percent, to 13,009.68. The U.S. stock market was shut yesterday and closed at 1 p.m. New York time today. Trading in S&P 500 companies was 25 percent below the 30-day average at this time of day.
The S&P 500 rallied for a fifth day in the longest streak since August after housing data exceeded economists’ forecasts and President Barack Obama expressed confidence on a budget agreement with Congress. Obama met with senior Democrats and Republicans on Nov. 16 for talks to avoid $607 billion of automatic tax increases and spending cuts that, if allowed to come into *****, might push the country into a recession next year. Congress is in recess for Thanksgiving until Nov. 26.
