U.S. Stocks Rise on Europe Deal

By Newsroom America Staff at 28 Nov 2011

(Newsroom America) -- After suffering their worst Thanksgiving week losses since 1942, stocks on Wall Street rebounded briskly on news of a debt crisis deal in Europe and better-than-expected Black Friday retail sales.

The Dow Jones Industrial Average rose 316 points, or 2.8 percent, to finish at 11,547, while rose 36 points, or 3.1 percent, to 195, and the Nasdaq finished at 2,527, up 85 points, or 3.5 percent.

Fears over the weekend that the euro was near collapse have been replaced by optimism that the Eurozone nations are moving closer together by discussing a fiscal deal that would bring the countries even closer by making budget discipline binding and enforceable, CBS News reported.

Back in the U.S., Black Friday sales were up 6.6 percent over last year while overall retail sales for the weekend were up 16 percent, to $52 billion, according to the National Retail Federation.