Stocks rally at open following retail sales news
Wall Street opened up into a rally following positive news about October retail spending released this morning.
In the first 15 minutes of trading, the Dow is up nearly 1 percent.
The broader S&P 500 is up 1.2 percent and the tech-heavy Nasdaq is up 1.1 percent.
Government data out this morning showed that October retail spending bumped up 1.4 percent, compared with a September drop of 2.3 percent.
In other news this morning, tech giant Cisco added 11 percent to its bid for Tandberg, a Norwegian supplier of video conferencing technology. Cisco, which sells the Telepresence video conferencing system, is looking to expand its footprint in the sector with the $3.4 billion bid for Tandberg.
Also, Lowe's -- the nation's No. 2 home-improvement retailer -- said this morning that its third-quarter profit fell 30 percent but saw signs of stabilization in the hardest-hit real estate markets. Right now, however, consumers are still putting off purchases of big-ticket home items, such as refrigerators.
-- Frank Ahrens
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November 16, 2009; 9:50 AM ET
Categories: The Ticker | Tags: Cisco, Dow Jones, Lowe's, nasdaq, s&p 500
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