Economy & Markets

Stock climb in short session amid high hopes for holiday retail season

By Malcolm Morrison |
Source: The Canadian Press

U.S. stock markets surged at the end of a shortened session amid hopes for a strong holiday retail season.

The Dow Jones industrials jumped 172.79 points to 13,009.68 as consumers hit the stores on "Black Friday," the unofficial start to the holiday retail season.

The Nasdaq composite index was 40.3 points higher at 2,966.85 and the S&P 500 index edged up 18.12 points to 1,409.15.

The Toronto market was also higher ahead of its regular 4 p.m. EST closing time with the S&P/TSX composite index up 56.35 points at 12,209.45 while the TSX Venture Exchange rose 4.09 points to 1,257.25. The Canadian dollar was up 0.55 of a cent to 100.83 cents US amid rising commodities and tame inflation data.

Shares in Research In Motion (TSX:RIM) (Nasdaq:RIMM) were down 38 cents or 3.17 per cent at $11.62. RIM stock spiked 17 per cent Thursday after National Bank Financial analyst Kris Thompson increased his price target for the BlackBerry maker to US$15 from US$12. On the Nasdaq, which was closed Thursday for U.S. Thanksgiving, the shares surged 13.65 per cent to US$11.66.

Statistics Canada reported that the consumer price index was up 1.2 per cent year over year, slightly higher than an expected reading of 1.1 per cent but still at the low end of the Bank of Canada's range.