US Stocks closed the session higher overnight overcoming earlier losses as a rebound in financial stocks helped to overshadow a lackluster start to the holiday shopping period, investors confident that the possible impact of Dubai’s debt problems for US banks will be contained.
The Dow Jones Industrial Average rose 35 points to 10,345. The S&P500 Index is 4 points higher at 1,096 and the NASDAQ added 6 points to 2,145.
In economic news: According to the National Retail Federation the total number of people shopping in stores or online increased to 195 million between thanksgiving and Sunday, compared to 172 million last year. However the average spend dropped to $343.31 from $372.57 a year ago. Total spending for the holiday rose 0.5% to $41.2 billion from $41 billion last year.
And in other news the Chicago PMI, a regional read on manufacturing rose to 56.1 in November from 54.2 in October.
In company news: Shares in toy maker RC2 Corporation (NASDAQ:RCRC) gained 7.2 per cent to $13.70. The company had its stock upgraded to Outperform by Wells Fargo who also said it was likely the company will look at acquisitions within the Mother, Infant, and Toddler space.
Shares in clinical stage biopharmaceutical company Novavax Inc (NASDAQ:NVAX) are steady at $3. The company completed enrolment for a Phase II trial of its new seasonal flu vaccine and says if Phase II is successful the company may commence Phase III as early as 2010. According to Reuters the company is also trialing a vaccine for the prevention of the H1N1 virus.
Shares in fast food chain Burger King Holdings Inc (NYSE:BKC) fell 2.69 per cent to $17. Wedbush has downgraded the stock from Neutral to Underperform and lowered its price target to $17 from $19. Reuters reports Wedbush analysts saying that the company’s long-term growth targets are at risk because of the company’s franchisees are not willing to commit capital.
And shares in oil and gas company Delta Petroleum Corp (NASDAQ:DPTR) dropped 1.09 per cent to $0.91. The company has announced a review of strategic alternatives to enhance shareholder value; this is likely to include the sale of the company’s assets, partnerships and joint venture opportunities and the sale of the whole company.
In the NASDAQ Top 100: eBay was the best performer on the Nasdaq overnight, adding 5.38% to $24.47 followed by Amazon.com and Liberty Media. The worst performer was Garmin shares down 3.64% to $29.88, while Seagate Technologies and Liberty Global also closed lower.
