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December starts with a stock rally

Tuesday, December 01, 2015 - 01:15

Wall Street kicks off the last month of the year to the upside, lifted by consumer stocks and auto sector. Bobbi Rebell reports.

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The major indexes closed higher, Google parent Alphabet providing a boost. This despite new data showing manufacturing contracted for the first time in three years in November to its lowest level since June 2009, according to the Institute for Supply Management. Other data more positive. Construction spending rose to a near eight-year high. That's good news ahead of Friday's big government jobs report. Wells Fargo Investment Institute's Paul Christopher: (SOUNDBITE) PAUL CHRISTOPHER, HEAD GLOBAL MARKET STRATEGIST, WELLS FARGO INVESTMENT INSTITUTE (ENGLISH) SAYING: " Don't forget we still have the Federal Reserve and the strong unemployment report we got in November and expecting more good news on jobs later this week. I think, the markets are still focused on that going forward." Big incentives drove auto sales higher in November thanks, in part, to a lot of promotions on Black Friday. The hot sellers? Still SUVs thanks, in part, to those low gas prices. Amazon stock a winner. The e-commerce giant scored record sales of its gadgets during the Black Friday sales weekend. European stocks ended the day mixed as investors await a meeting of the European Central Bank this week.

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December starts with a stock rally

Tuesday, December 01, 2015 - 01:15