Today's Business Roundup
Monday, November 28, 2011 at 4:31PM | Scarlette Whyte | Share Article | Email Article | Print Article US Markets
Stocks climbed as the holiday shopping season got off to a good start. The markets responded well to the possibility that IMF may assist Italy with its debt crisis. The Dow rallied 300 points from last week’s sharp declines. Market analyst say that last week was the worst Thanksgiving trading week since the Great Depression. The S&P and the Nasdaq also finished higher, reversing seven days of straight declines. All 10 S&P sectors ended in the green, led by techs and energy.
Big Black Friday
Retailers won big on Black Friday and were hoping some of that momentum will carry over to Cyber Monday. ShopperTrak, a Chicago-based company that tracks mall traffic, estimates $11.4 billion in retail purchases from Black Friday.
Citigroup Troubles
Citigroup troubles are far from over. A federal judge rejected a $285 million settlement with Citigroup Inc. over a mortgage-bond deal. U.S. District Judge Jed S. Rakoff scolded the SEC and said it was “uninterested in what Citigroup did wrong.”
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