Stocks gained today despite retailers' dour holiday prospects, because the market has already priced in much of the bad news, MarketWatch reports. Amid very light trading, the Dow gained 102.43 points to close at 8,829.04, extending its positive streak into a fifth day. "There's a bit of confidence returning," said an economist. "This market has discounted a lot of negative news." The Nasdaq eked out a 3.47-point gain, closing at 1,535.57, while the S&P 500 rose 8.56 to settle at 896.24.
GM climbed 9.8% on reports that the company may downsize by eliminating Saab, Saturn, or Pontiac. Despite overall gains, many retailers saw losses: Best Buy fell 1.6%, Dillard's dropped 3.7%, and Tiffany & Co. lost 6.0% after it reduced yearly forecast and announced layoffs.
- Though up for the week, all the indices saw monthly losses. For November, the Dow fell 5.3%, the S&P 500 lost 7.4%, and the Nasdaq dropped 10.8%.