Wall Street Finishes Holiday Week on High

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Investors sent Wall Street’s major indexes to new multi-year highs Thursday, keeping the Santa Claus rally going for a third straight day despite a plummeting dollar and signs of weaker consumer spending.


The economic news was mixed and trading was light as Wall Street headed home early for the Christmas holiday. The Dow Jones industrial average added 11.23 points, or 0.10 percent, to close at 10,827.12. The Standard & Poor’s 500 Index was up just above half a point, or 0.08 percent, to end at 1,210.13. The Nasdaq Composite Index gained 3.59 points, or 0.17 percent, to finish at 2,160.62.


Investors looked past the dollar’s weakness against the euro, which rose to $1.3483, surpassing its record high set Dec. 7. And stocks rose despite a Commerce Department report stating that Americans reined in their spending. Consumer spending for November rose 0.2 percent, far less than the 0.8 percent jump in October.


Among local movers, Youbet.com Inc. jumped 15.03 percent, closing at $4.50 as investors reacted to news that the Woodland Hills-based online wagering company expanded its relationship with racetrack owner Magna Entertainment Corp. to offer live online video and wagering for horse races at 10 U.S. racetracks.


On the down side, shares of Macerich Co., a Santa Monica-based real estate investment trust, dropped 4 percent to close at $61.53 after it agreed to acquire Wilmorite Properties in an effort to expand its luxury mall portfolio.

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