Reply #35: closing numbers - ponies for everybody!

[UpInArms]

DJIA 12980.88 181.84 (1.40%)
Nasdaq 2,596.60 34.45 (1.34%)
S&P 500 1,440.70 23.93 (1.69%)
10-Yr Bond 4.012% 0.012

NYSE Volume 1,568,868,750
Nasdaq Volume 806,082,500

1:10 pm : The stock market finished significantly higher on Friday, ending a dismal week on a high note. The S&P 500 has recovered into positive territory year-to-date.

The holiday-shortened session had a small amount of corporate news, and there were no economic releases. The gains today were primarily a rebound bid coming off this week's strikingly poor performance.

Topping headlines this morning, The Wall Street Journal reported GMAC Financial Services and its owners are exploring options to salvage its unprofitable mortgage arm, and they are undertaking a debt buyback of as much as $750 million. The moves are aimed at shoring up Residential Capital, known as ResCap. General Motors (GM 27.16, +0.77) is part owner of GMAC.

Shares of E*Trade (ETFC 5.33, +1.07) skyrocketed 25% after a CNBC analyst said the company is in talks to sell itself, according to people familiar with the situation. The analyst also mentioned there is plenty of interest, but says it is unclear anything will get done.

All ten economic sectors finished in the green, with the financial sector providing leadership (+3.0%). The S&P 500 Retailing Index (2.6%) also outperformed, and was a focus of attention as today is known as "Black Friday", which marks the start of the Holiday shopping season.

Defensive oriented sectors, such as utilities (+0.2%) and consumer staples (+1.0%) underperformed on a relative basis.

December gold futures ($822.50, +23.96) rallied today after the euro hit another all-time high overnight against the dollar ($1.4967) and the yen fell below 108 for the first time in two years (107.56). DJ30 +181.43 NASDAQ +34.45 SP500 +23.92 NASDAQ Dec/Adv/Vol 689/2151/808 mln NYSE