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U.S. stocks end sharply higher on strong holiday sales, European hopes (5)


09:00, November 29, 2011

A trader works at the New York Stock Exchange in New York, the United States, Nov. 28, 2011. (Xinhua/Shen Hong)

NEW YORK, Nov. 28 (Xinhua) -- The U.S. stocks soared on Monday, with the S&P 500 snapping a seven-day losing streak, as investors were encouraged by strong holiday sales and new hopes for a more radical European debt solution.

Data showed that American consumers spent more than expected in the Thanksgiving Holiday, easing concerns for a more sluggish economy.

According to the National Retail Foundation, Black Friday sales hit records this year, pulling in 52.4 billion dollars. Cyber Monday, the biggest online shopping day of the year, was also expected to have an impressive sales result as customers make the shift to online shopping.

Adding to the Euphoria, investors were hoping Germany and France will take more radical ways to deal with the euro zone's debt crisis.

Meanwhile, expectations were rising that the Federal Reserve will launch another round of quantitative easing, focused on buying mortgage-backed securities, as part of a global effort by central bankers to ease policy.

As of Monday's close, the Dow Jones industrial average rallied 291.23 points, or 2.59 percent, to 11,523.01. The Standard & Poor' s 500 surged 33.88 points, or 2.92 percent, to 1,192.55. The Nasdaq Composite Index soared 85.83 points, or 3.52 percent, to 2,527.34.

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