US Stocks Up,Holiday Sales Help Retailers


By Anupama Chandrasekaran NEW YORK (Reuters) - U.S. stocks rose slightly on Monday helped by upbeat holiday sales data from some retailers and sliding oil prices as crude dropped more than $2 a barrel. Shares of Wal-Mart Stores Inc. (WMT.N: Quote , Profile , Research ) rose 1.2 percent to $53.20 after the world's largest retailer said it expects sales at its U.S. stores open at least a year to be in the middle of a previously forecast rise of between 1 percent and 3 percent in December. Meanwhile, shares of Sirius Satellite Radio (SIRI.O: Quote , Profile , Research ) rose 4.3 percent to $8.28 after the subscription radio company said it surpassed its full year 2004 target of 1 million subscribers. Amazon.com, Inc. (AMZN.O: Quote , Profile , Research ) rose 4.5 percent to $40.65 after the online retailer said its holiday sales season was the busiest ever. The Dow Jones industrial average was up 16.92 points, or 0.15 percent, at 10,843.75. The Standard & Poor's 500 Index was up 1.49 points, or 0.12 percent, at 1,211.58. The technology-laced Nasdaq Composite Index was up 4.42 points, or 0.20 percent, at 2,164.98. "We have had a mixed bag with Sharper Image not doing well but Sirius has added a lot more consumers and Amazon has done well. Christmas has turned out just as well if not better for most companies," said John O'Donoghue, CSFB managing director of listed trading. A unit of MasterCard International said holiday spending was 8.1 percent higher than last year helped by higher-income customers, according to The Wall Street Journal. High-end retailer Saks Inc. (SKS.N: Quote , Profile , Research ) climbed 1.3 percent to $14.44. Shares of retailer Sharper Image Corp. (SHRP.O: Quote , Profile , Research ) plunged 15 percent to $19.70 after the company lowered its fourth quarter and fiscal year forecast. U.S. light crude (CLc1: Quote , Profile , Research ) futures fell $2.28 to $41.90 a barrel. The decline in oil prices are a relief for investors fearing that higher energy costs will weigh on corporate profits. Insurance stocks came under pressure on worries over possible claims after devastating tsunami waves killed more than 22,000 in various countries in South and Southeast Asia. Shares of Ace Ltd. (ACE.N: Quote , Profile , Research ) slipped 0.5 percent to $41.96 and RenaissanceRe Holdings (RNR.N: Quote , Profile , Research ) was down 0.5 percent to $51.32. Trading volume is expected to be very light in the U.S. equity markets in what has historically been a quiet week for stocks. U.S. markets were shut on Friday for the Christmas holiday.
Quelle "US Stocks Up,Holiday Sales Help Retailers" : reuters.com

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