Stocks score modest gains for fifth straight week

NEW YORK -- Wall Street finished the week with moderate gains Friday, extending a November rally in light post-Thanksgiving trading amid signs of a strong start to the busy holiday shopping season.

The major indexes closed out their fifth straight winning week and remained at four-year highs. Stocks continued their monthlong advance, fueled by an improving economic backdrop and high hopes for solid retail sales that helped cast aside fears of a downturn.

A spirited beginning to the critical holiday sales period stoked investor optimism Friday, traditionally one of the busiest shopping days of the year as retailers lure customers with bargains and deep discounts. Early reports suggest sales may best last year's results.

The markets were closed Thursday for Thanksgiving, and logged a shortened session on Friday. Volume was light with many traders out of the office for a second day.

Many investors are anxiously awaiting holiday sales figures for indications of how consumers have handled the recent spike in gasoline prices. Wall Street found some encouragement earlier this week, when the University of Michigan reported a better-than-expected jump in consumer confidence.

But a raft of key economic reports are due next week, including data on economic growth, personal spending and employment. While positive data will likely bolster Wall Street's year-end rally, any bad news could spook a jumpy market and cause it to surrender this month's gains.

For the week, the Dow gained 1.54 percent, the S&P 500 advanced 1.6 percent and the Nasdaq rose 1.61 percent. So far this year, the Dow is up 1.38 percent, the S&P 500 has grown 4.03 percent and the Nasdaq is 4.65 percent higher.

Friday's frenzied start to the shopping season -- known as "Black Friday," when retailers begin turning profits -- lifted the retail sector as consumers made an early morning rush for malls and stores. Electronics are again expected to be top sellers this year, such as Apple Computer Inc.'s iPod media player.

Electronics retailer Best Buy Co. added $1.63 to $50.63, and Apple gained $2.23 to $69.34. Target Corp. rose 13 cents to $55.23, Kohl's Corp. climbed 13 cents to $49.20 and JC Penney Co. was up 11 cents at $54.10.

Meanwhile, some other retailers didn't fare so well, with Wal-Mart Stores Inc. falling 8 cents to $50.49 and Sears Holding Corp. off $2.02 at $119.15.

Starwood Hotels & Resorts Worldwide Inc. on Thursday said it bought Le Meridien brand and the related management and franchise business for the portfolio of 130 hotels and resorts for $225 million. Starwood rose 7 cents to $61.92.

Advancing issues led decliners by 3 to 2 on the New York Stock Exchange, where final consolidated volume came to 725 million shares. Light trading volume has persisted all week ahead of Thanksgiving.

The Russell 2000 index of smaller companies rose 0.44, or 0.06 percent, to 683.58.

Overseas, Japan's Nikkei stock average rose 0.28 percent. Britain's FTSE 100 gained 0.23 percent, Germany's DAX index added 0.12 percent, and France's CAC-40 was higher by 0.3 percent.

---

The Dow Jones industrials ended the week up 165.29, or 1.54 percent, finishing at 10,931.62. The S&P 500 index gained 19.98, or 1.6 percent, to close at 1,268.25.

The Nasdaq rose 35.94, or 1.61 percent, during the week, closing Friday at 2,263.01.

The Russell 2000 index closed the week up 11.36, or 1.69 percent, at 683.58.

The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted index that measures 5,000 U.S. based companies -- ended the week at 12,702.41, up 206.18 points from last week. A year ago, the index was 11,635.64.

---

On the Net:

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com