Stocks rebound, ahead of Thanksgiving and Black Friday

Stock rallied broadly on some encouraging number from the labor market, shrugging off worrying geopolitical developments in Korea and some dour housing data, ahead of the Thanksgiving holiday and Black Friday, which will kick off the Christmas shopping season.

The Dow Jones Industrial Average leapt 150.91 points, or 1.37 percent, to 11,187.28. The S&P 500 Index advanced 17.62 points, or 1.49 percent, to 1,198.35. The Nasdaq gained 48.17 points, or 1.93 percent, to 2,543.12.

Investors might also have taken some solace in Ireland’s release of an austerity budget to help reduce their deficit, although there is much concern and confusion surrounding the plan.

Initial jobless claims dropped to a two-year low their lowest level in more than two years, as consumer spending advanced for a fourth consecutive month in October, boding well for the retail sector.
Shares of Amazon.com (Nasdaq: AMZN) surged 5.38 percent to an all-time closing high of $177.25.

Also, Tiffany & Co (TIF) gained 5.25 percent after posting strong quarterly profit and sales.

Also, durable goods orders fell while sales of new homes both fell unexpectedly in October. But U.S. consumer sentiment rose in November to its highest level since June.

Oil futures surged 3.64 percent to close at $84.21 per barrel. Bonds fell.

European/UK stock indices climbed.