New York, NY (AP) - A strong start to the U.S. shopping season and
new hope for a far-reaching solution to Europe's debt crisis sent
stocks sharply higher.
Retail stocks jumped Monday after a record number of shoppers
bought gifts over Thanksgiving weekend, a make-or-break time for
many retailers. For the past six years, Black Friday has been the
biggest retail sales day of the year.
European markets also soared as leaders there discussed new
approaches for containing the region's debt troubles. Investors
hope the recent spike in borrowing costs for European countries
will spur the region's leaders to take decisive action.
The Dow Jones industrial average jumped 291 points, or 2.6
percent, to 11,523. The S&P 500 rose 34, or 2.9 percent, to 1,193.
The Nasdaq composite rose 86, or 3.5 percent, to 2,527.
(Copyright 2011 by The Associated Press. All Rights Reserved.)