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  3. US markets surge on European hopes and robust holiday sales

US markets surge on European hopes and robust holiday sales

29 Nov 2011 Evaluate

The US markets surged on Monday, posting their best day in at least a month after US Thanksgiving weekend retail sales jumped to a record and speculation grew that European leaders will do more to tame the debt crisis. In the US, retail sales totaled $52.4 billion during the holiday weekend, with the average shopper spending $398.62, up from $365.34 for the year-earlier period. Also, the markets maintained its upward momentum after the government reported sales of new single-family homes rose 1.3% in October to a yearly rate of 307,000. However, September sales were revised down to 303,000 from a first read of 313,000.

Besides, Fitch Ratings affirmed the US’s AAA long-term foreign and local currency issuer default ratings. The outlook on the long-term rating was revised to negative from stable, with Fitch stating that a failure to reach a credible deficit reduction plan in 2013 and a worsening economy could lead to a downgrade.

In Europe, It seems leaders are coalescing around a plan for greater integration of the European Union in terms of fiscal policy. The Wall Street Journal reported euro-zone leaders were discussing a fiscal pact among the currency bloc’s members that would make budget discipline legally binding and enforceable by European authorities. However, Moody’s lowered the credit rating of Belgium by one notch and last Portugal and Hungary suffered credit downgrades as well. The OECD lowered global growth outlook and warned EU leader to take decisive actions.

The Dow Jones industrial average gained 291.23 points, or 2.59 percent, to 11,523.00. The Standard and Poor’s 500 closed higher by 33.88 points, or 2.92 percent, to 1,192.55, while the Nasdaq composite gained 85.83 points, or 3.52 percent, to 2,527.34.

The Indian ADRs closed in green on Monday, ICICI Bank was up by 1.13%, Infosys Technologies was up by 1.03%, Tata Motors was up by 1.00%, HDFC Bank was up by 0.78%, and Dr. Reddy’s Lab was up by 0.70%.

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