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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By
Frank Ahrens
|
November 16, 2009; 9:50 AM ET
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The Ticker
| Tags: Cisco, Dow Jones, Lowe's, nasdaq, s&p 500
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Posted by: riain | November 16, 2009 10:59 AM | Report abuse
Oh Dear!
Not more good news for America!
The America hating Limbaugh sycophants of the GOP are going to be outraged.
Posted by: walker1 | November 16, 2009 11:50 AM | Report abuse
The markets are reflecting the positive attitude of Americans (except Repubes) and the return of economic growth to America ove the last 6 months. I've yet to see any explanation from posters who are rushing to call the 6 month market rally a "bubble". Any facts to back up the "bubble" spin? We're waiting, Neocons!
I question the motives and loyalty of those who stubbornly align themselves against America's economic recovery.
Posted by: free-donny | November 16, 2009 9:27 PM | Report abuse
The comments to this entry are closed.
I doubt the "government report"(it's probly BS anyway)had anything to do with the markets increase.
The market is just filling up with a little more hot air before the burst.