Wall Street Kicks Off Week With A Bang: Acadiana Business Index
US markets followed European markets, which finished with a broad rally after news that leaders negotiated a deal to contain the sovereign-debt crisis. Mark Lasseigne has your market report on today's Acadiana Business Index.
- The Dow Jones Industrial Average rose 291 points, to 11,523.
- The market was also helped by sales on Black Friday, the day after Thanksgiving, rising 6.6% from a year ago.
- Amazon.com rallied 6.4% as Cyber Monday kicked off. The online retailer said it sold four times more Kindle devices on Black Friday than it did last year.
- Consumer-electronics retailers also showed strength, with Best Buy rising 3.3%. Separately, Apple rose 3.4%.
- In economic news, sales of homes rose slightly in October, but demand remained weak. And the median price for a home decreased.
- Oil stocks jumped following reports that the European Union is considering banning imports from Iran. The news reflected the latest escalation in tensions over the country's nuclear program.
- Crude oil closed at $98.21 a barrel.
- And Gold settled at $1,719 an ounce.