The S&P 500 added 18.12, or 1.3 percent, to 1409.15. The rally gave the S&P 500 its biggest weekly point gain since last December - 49 points, or 3.6 percent. The Dow gained 3.4 percent and the Nasdaq almost 4 percent for the week.
The market closed early, at 1 p.m. EST.
Stocks started strong after news that German business confidence rose unexpectedly in November after six straight declines. The gain in a closely watched index published by Munich's Ifo institute raised hopes that Europe's largest economy can continue to weather the continent's financial crisis.
China's manufacturing expanded for the first time in 13 months in November, the latest sign that the world's second-biggest economy is recovering from its deepest slump since the 2008 global crisis. HSBC Corp. said its monthly Purchasing Managers' Index improved to 50.4 for November. Any number above 50 indicates expansion.
The PMI measures overall manufacturing activity by surveying indicators including orders, employment and production. The result was released Thursday, when the US market was closed for Thanksgiving.
Around the US, shoppers flocked to malls and logged on to computers to take part in the annual cheer-fueled retail rush known as Black Friday.
Target and Toys R Us welcomed buyers on Thanksgiving evening. Retailers are also trying to draw shoppers with free layaway and shipping, by matching prices of online rivals and by beefing up mobile shopping apps.
Retail is a key driver of the nation's economy. Consumer spending accounts for about 70 percent of US economic activity. November and December, which can account for as much as 40 percent of a retailer's annual revenue, are crucial for stores.
The Friday after Thanksgiving is known as Black Friday because it begins the period in which many retailers turn profitable for the year. Traders will be looking for signs about how enthusiastically Americans are spending. That could reflect the momentum of the economic recovery.
10th China Int'l Auto Exhibition to be held in Guangzhou
Feedback
RSS
