Russell opens higher; BELFB, RUSHB and CTRN lead gainers
The Russell 2000 (NYSE:IWM) pushed higher on the open, bolstered by a mild bounce in energy markets, approval for GM’s finance arm to become a bank holding company and a modest rise in Asian equities. This morning's small-cap percentage gainers were Bel Fuse Inc. (Nasdaq:BELFB), Rush Enterprises (Nasdaq:RUSHB) and Citi Trends (Nasdaq:CTRN).
Other Market Watch highlights so far today include:
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In overseas trading, Japan shares were up 1.6%, despite the largest drop in factory output in 55 years.
- It should be noted that many markets in Europe, plus exchanges in Australia and Hong Kong were closed for the Christmas holiday.
- GMAC LLC, which operates the finance arm for General Motors Corp. was approved to become a bank holding company by the Federal Reserve.
- MasterCard Advisors said that holiday spending from Nov. 1 through Dec. 24 shapes up as one of the worst holiday seasons in decades.
- Crude oil prices were on the rise this morning, up about $0.50 a barrel on the U.S. stock market open following news that United Arab Emirates would cut output to comply with OPEC reductions.
- Bel Fuse Inc. gapped higher on very thin volume as the stock continues to climb off the Nov. 21 bottom, and has nearly doubled in value from that low. See (Nasdaq:BELFB).
- Rush Enterprises Inc. rallied 10% as the heavy duty truck retailer also gapped up on thin turnover. See (Nasdaq:RUSHB).
- Retailer Citi Trends is up over 8% on light volume. See (Nasdaq:CTRN).
