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December 2, 2008 11:45:05 AM CST

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Tech Sector Spurs Santa Rally

Posted Dec 21, 07 4:04 PM CST in Business 

(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.

Sources: MarketWatch, Wall Street Journal, Bloomberg

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Traders on the floor of the New York Stock Exchange.   (Getty Images)
The Santa Claus rally is an established Wall Street phenomenon.   (Shutter Stock)
Santa Claus rides into town on a giant yacht, as stock traders enjoyed a 'Santa Claus' rally.   (Getty Images)
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