Tech Sector Spurs Santa Rally

The markets rise on RIM and Oracle's earnings reports
By Nick McMaster,  Newser Staff
Posted Dec 21, 2007 4:04 PM CST
Traders on the floor of the New York Stock Exchange.   (Getty Images)
camera-icon View 2 more images

(Newser) – The markets enjoyed a long-awaited "Santa Claus rally" today, finishing in positive territory for the week as BlackBerry producer Research in Motion posted strong earnings and the Commerce Department reported the largest monthly consumer spending increase in 2 years. The Dow climbed 205.01 to 13,450.65, the S&P 500 24.35 to 1,484.47, and the Nasdaq 51.13 to 2,691.99.

"You have a good, old-fashioned Christmas rally, sparked by good tech-sector earnings,” one analyst told MarketWatch. "The question becomes whether we give it all back in January on more write-offs." Investors had been waiting for the traditional pre-holiday rally, and the RIM report and yesterday's positive news from Oracle offset fears about the housing sector's malaise.