Stocks cheerful at open
Trading expected to be light Friday as weakness in the retail sector draws attention.
NEW YORK (CNNMoney.com) -- Stocks opened higher Friday morning as a smattering of investors returned from the holiday to confront grim retail sales figures.
The Dow Jones industrial average (INDU) was up 0.5% shortly after the opening bell. The Standard & Poor's 500 (SPX) index advanced 0.5% and the Nasdaq composite (COMP) was 0.2% higher.
U.S. markets were closed Thursday, but will remain open for a full day of trading. Activity was expected to be limited as many market participants take an extended break.
Stocks rose moderately Wednesday in a thinly traded session before the holiday after a rebound in bank stocks and shares of automaker General Motors (GM, Fortune 500), which has been hammered over the past several weeks.
Asian stocks ended mixed, with Tokyo's Nikkei index up 1.6%. Some of the region's markets were closed for an extended holiday, as were European markets.
Poor economic data have haunted the holiday week, with jobless claims rising to a 26-year high and personal spending declining. There are no major economic reports on tap Friday.
Holiday sales: The first post-Christmas report on the holiday shopping period (Nov. 1 to Dec. 24) was not promising, with a report from MasterCard Worldwide unit SpendingPulse showing sales excluding gasoline down as much as 4% compared to last year.
The report called the 2008 "one of the most challenging holiday shopping seasons in decades." The weak national economy was primarily to blame, with some bad weather throughout the nation during the final week adding to the disappointment.
SpendingPulse said the apparel, electronics and luxury sectors were especially hard-hit this season.
Other markets: The dollar fell versus the euro and the yen, and U.S. crude oil for February delivery was up 50 cents to $35.85 a barrel in New York.
COMEX gold for February delivery was up 70 cents to $848.70 an ounce.
Gasoline prices fell overnight to a national average of $1.642 from $1.648 a gallon, according to a survey of credit-card swipes released Friday by motorist group AAA.
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