Investors on a Black Friday Shopping Spree
Nov 23rd 2012 1:00PM
Updated Nov 23rd 2012 1:04PM
Markets are in a buying mood on Black Friday, and most stocks are in the black today. All 30 of the Dow Jones Industrial Average (INDEX: ^DJI) components are moving higher, and the index is up more than 1% as of 12:50 p.m. EST. The S&P 500 (INDEX: ^GSPC) is also up more than 1% near the end of today's shortened session.
There isn't a lot of domestic news out this morning, but early indicators are showing that Black Friday shopping is relatively strong, even if it's more spread out than in previous years. In Europe, a positive business survey in Germany was an encouraging sign, and investors are betting on a debt deal for Greece.
Computer makers are leading the gains today. Hewlett-Packard (NYS: HPQ) is up almost 4%, and Dell (NAS: DELL) has risen 5.5% in late trading. These stocks have been pounded on weak PC demand, but investors are seeing a bottom with an improving economy and a new refresh cycle on the way. If the PC market rebounds because of a strong economy, these companies could see huge gains at their discounted prices.
The big surprise winner today is Research in Motion (NAS: RIMM) on speculation about the company's next-generation operating system. Right now investors are just buying the rumor, and it's a risky bet to get into right now, with Apple (NAS: AAPL) and Google (NAS: GOOG) now dominating the smartphone market.
Oil is also up 1% on the market rise. Positive sentiment has made its way to the commodity market, and for today the worries about a recession in Europe and a fiscal-cliff-driven domestic recession are overshadowed by a happy holiday mood.
Black Friday sales on the stock market
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The article Investors on a Black Friday Shopping Spree originally appeared on Fool.com.Fool contributor Travis Hoium has no positions in the stocks mentioned above. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw. The Motley Fool owns shares of Apple and Google. Motley Fool newsletter services recommend Apple, Dell, and Google. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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