U.S. stocks rose 1 percent on Friday as upbeat news from some retailers reinforced hopes of an uptick in consumer spending in the key holiday season, even as an early November gauge of consumer sentiment fell.
Dow component Walt Disney Co
Retailers' shares rose as department store operator JC Penney Co Inc
Data from the Reuters/University of Michigan Surveys of Consumers, however, showed U.S. consumer confidence fell to its weakest level in three months amid grim expectations for job and income prospects.
When we get depressed, we go shopping, said Jeff Kleintop, chief market strategist at LPL Financial in Boston. People certainly feel poorly about their current financial position, but that hasn't kept them from believing in some better growth over the next year.
The Dow Jones industrial average <.DJI> rose 103.38 points, or 1.01 percent, to 10,300.85. The Standard & Poor's 500 Index <.SPX> gained 10.04 points, or 0.92 percent, to 1,097.28. The Nasdaq Composite Index <.IXIC> added 21.60 points, or 1.01 percent, to 2,170.62.
(Reporting by Rodrigo Campos; Additional reporting by Edward Krudy; Editing by Jan Paschal)