Bullish opening for Russell 2000
The Russell 2000 (NYSE: IWM) and the other major U.S. indices are in positive territory this morning as investors pin their hopes on the retail sector.
At 10:26 a.m. ET, the small-cap index had added 8.25 points, or 1.11%, to 748.55. The Dow Jones Industrial Average (INDU) had advanced 88.36 points, or 0.69%, to 12,887.40.
The stock exchange will close at 1 p.m. ET today due to the Thanksgiving Day holiday.
All eyes are on retailers today, the so-called “Black Friday”, when millions of Americans do their holiday shopping and when retailers become profitable for the year.
Black Friday is traditionally one of the busiest shopping days of the year, when stores open earlier than usual and handle an increased number of holiday shoppers looking for bargains. Retailers nationwide are introducing discounts and other strategies to get Americans to spend despite high energy prices and lower house prices that have combined to negatively affect consumer spending.
The bulls are hoping to see strong retail sales.
In other economic news, former U.S. Federal Reserve Chairman Alan Greenspan said today that U.S. house prices have not yet hit their low point. Speaking to an audience in the Norwegian capital of Oslo, Greenspan pointed to the large number unsold homes and said that the decline in house prices in unprecedented.
However, the former Fed chief said that the U.S. corporate sector is handling the slump very well.
Overseas, London’s FTSE 100 index added 0.9%, while stock markets in Japan were closed.
Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• GPC Biotech AG (GPCB), up 29%.
• Clean Diesel Technologies, Inc. (CDTI), up 10%.
• China Architectural Engineering, Inc. (RCH), up 11%.
Biggest percentage losers:
• City Telecom (H.K.) Ltd. (CTEL), down 21% following the release of its quarterly and annual financial results.
• China Finance Online Co. Ltd. (SPRD), down 14% on news on Thursday that it’s cooperating with Lenovo Mobile Communication Technology Ltd. to develop mobile technology.
• The Aristotle Corp. (ARTL) down 7%.
