U.S. Stocks Gain After Jump in Holiday Retail Sales; GM Rises
This article is for subscribers only.
U.S. stocks advanced, with the Standard & Poor’s 500 Index extending the biggest December rally since 1991, as a report showed the best holiday sales for retailers in five years.
Target Corp. and Abercrombie & Fitch Co. rallied at least 0.4 percent after MasterCard Advisors’ SpendingPulse said Christmas retail sales, excluding autos, jumped 5.5 percent. Freeport-McMoRan Copper & Gold Inc. added 0.2 percent as copper advanced to a record. General Motors Co. rose 2.4 percent as at least seven firms, including JPMorgan Chase & Co. and Morgan Stanley, initiated coverage of the automaker with a positive view.