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Tuesday, October 25, 2016

U.S. Stocks Rise On Eurozone Data, ‘Black Friday’ Buzz

New York (AFP) – U.S. stocks on Friday opened higher in a holiday-shortened session following better eurozone economic data and positive early assessments of “Black Friday” sales by some leading retailers.

Five minutes into trade, the Dow Jones Industrial Average gained 34.16 (0.21 percent) at 16,131.49.

The broad-based S&P 500 tacked on 2.77 (0.15 percent) at 1,810.00, while the tech-rich Nasdaq Composite Index advanced 16.24 (0.40 percent) to 4,060.99.

The gains followed a drop in eurozone unemployment to 12.1 percent in October from 12.2 percent in September. Inflation also rose, easing concerns about deflation somewhat.

Meanwhile, retail giants Wal-Mart Stores and Target both reported “record” openings to the critical “Black Friday” shopping weekend, which kicks off the critical holiday shopping period.

Dow member Walmart said total sales on Thanksgiving Day exceeded last year’s total of 22 million customer served.

“Our Black Friday events were bigger, better, faster, cheaper and safer than ever,” said Walmart chief executive Bill Simon. “More customers chose us, we had the prices and products they were looking for, and we’re not finished yet.”

Trading volume was expected to be light on Friday, and markets will close early.

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