Upbeat Economic Data Lifts Markets To Higher Close

A surprising gain in October pending home sales along with strong November retail sales lifted the markets to a sharply higher close with the Dow soaring 106 points to 11,362. Nasdaq jumped 29 points to 2579.

On the upside

Payless ShoeSource parent Collective Brands (NYSE: PSS) impressed with sharply higher third quarter earnings that beat analyst expectations by a wide margin.

Goldman Sachs upgraded the financial sector lifting shares of regional bank Marshall & Ilsley (NYSE: MI).

Conn's (Nasdaq: CONN) narrowed third quarter losses more than expected as expenses fell.

On the downside

Gildan Activewear (NYSE: GIL) reported higher fourth quarter earnings that topped estimates but the stock price fell as investors locked in profits. The stock price rose this week in anticipation of the company's earnings release.

Third quarter earnings for Jo-Ann Stores (NYSE: JAS) rose to surpass analyst expectations but the company forecast full year results below estimates.

Concerns that intense price wars among supermarkets will hurt margins sent shares of Safeway (NYSE: SWY) lower.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 751.

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