– National
Stocks soared on Thursday as investors welcomed inflation-friendly economic data and hoped the November rally would continue through year-end. The Dow climbed 106 points.
The Dow Jones Industrial Average rose 106.70, or 1 percent, to 10,912.57. The S & P; 500 jumped 15.19, or 1.2 percent, to 1,264.67. The Nasdaq Composite Index surged 34.35, or 1.5 percent, to 2,267.17.
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– Local
Local movers were led by Reliance Steel & Aluminum Co., which rose 3.3 percent to $66.64, and UTI Worldwide Inc., which gained 1.7 percent to $98.95. On the down side, shares of Kennedy-Wilson Inc. fell 9.5 percent to $13.35.
Shares of Occidental Petroleum Corp. rose 4.1 percent to $82.51 after the L.A.-based company said it plans to start commercial production from a new field in Oman in July. The Khamilah field holds as much as 22 million barrels of oil. The development plan calls for drilling five new producer wells in addition to the existing two.
Youbet.com Inc. lost 6.5 percent to $5.22 after the Woodland Hills-based online-betting site for horse racing said its fourth-quarter growth in wagers will be “significantly lower” than the growth in the first nine months of the year. The company said its operations will be “adversely impacted” as more than 250 horse races at large tracks were cancelled due to inclement weather in October and November.
Guess Inc. fell 1.1 percent to $33.50 after the L.A.-based apparel maker said its same-store sales rose 15.8 percent in the month ended Nov. 26, driven by an increase in full-price purchases. Guess said total retail sales were $58.2 million, up 25 percent from $46.6 million a year earlier.
