The economy continues to heal from the standpoint of bad debt and things like that are a bellwether of economic activity, so the banking system is in great shape and it is a great foundation for the economy, said Josh Wein, portfolio manager at Hennessy Funds.
Christmas is really the test of supply chain. We'll find out how much closer to the ground, the consumer, the supply chain and labor market are faring, he said.
The Dow Jones index advanced 382.20 points or 1.09 percent to close with 37,294 during Friday's stock market action. The Nasdaq Composite gain 73.91 points or 0.50 percent on 14,897. The Standard and Poor's 500 added 33.11 points or 0.75 percent to 4,471. The U.S. dollar remained soft against all but the yen, but was approaching high near New York close on Friday that day (also measured by the US Dollar Index). The euro was traded at 1.1605. The British pound was still at 1.3748. The Swiss franc is now around 0.8222.
The Canadian Dollar stood at 1.2377.1 When it was initially changed to the Canadian Currency, it changed little. The USD has retained its strength at the rate of 0.7420. The foreign equity markets were stronger. The FTSE 100 will strengthen in London on Friday by 0.37 percent. The German Dax increased 0.81 percent, while in Paris the CAC 40 rose 0.63 percent.
On Japanese markets, the Nikkei 225 had gained 517.70 points or 1.81 percent to close at 29,068. The Australian All Ordinaries added 54.00 points or 0.72 percent to 7,674. The Hang Seng in Hong Kong surged 368,37 points or 1.48 percent to 25,330.