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6A – Daily News – Friday, December 3, 2010 NEW YORK (AP) — Strong retail sales and a healthy reading on the housing market helped stocks start December with a two- day winning streak. The Dow Jones industrial aver- age rose 106 points. Combined with a 249-point gain Wednesday, the Dow has had its best two-day run since July 7-8. Major retailers reported sales in November that were stronger than analysts expected. Increased spending during the holiday sea- son would be a strong signal that consumers are feeling more confi- dent. ‘‘Any sign that the consumer is doing better means that the econo- my will be doing better,’’ said Drew Matus, a senior economist at UBS. Costco Wholesale Corp., Tar- get Corp. and Limited Brands Inc. all beat Wall Street sales forecasts. Teen retailer Abercrombie & Fitch Co. jumped 11 percent after reporting that its sales soared 32 percent. ‘‘The consumer is strong and month after month retailing has Jump in holiday retail sales pushes stocks higher Wall Street been very strong,’’ said Ryan Det- rick, the chief technical strategist at Schaeffer’s Investment Research. ‘‘If you take a step back it’s clear that the U.S. economy continues to slowly expand.’’ The National Association of Realtors said the number of people who signed contracts to buy homes jumped 10.4 percent in October. Economists expect- ed a slight decline. Home builder KB Home rose by 4.5 percent. The Dow rose 106.63, or 1 per- cent, to close at 11,362.41 The Dow jumped 2.3 percent Wednes- day, its biggest gain since Sept. 1, after a report showed that private employers were adding jobs. The broader Standard & Poor’s 500 index rose 15.46, or 1.3 per- cent, to 1,221.53. The Nasdaq composite index rose 29.92, or 1.2 percent, to 2,579.35. Rising shares outpaced falling ones more than two to one on the New York Stock Exchange. Con- solidated volume was 4.7 billion shares. The rise in both retail sales and existing home sales overshad- owed an unexpected rise in new claims for unemployment bene- fits. The Labor Department said first-time unemployment claims rose to 436,000 last week. Traders found a silver lining in the report, however: the average number of new unemployment claims over the past month fell to a two-year low, signaling that the job market may be improving. Jobs data could also move mar- kets tomorrow after the Labor Department releases its monthly unemployment report. Econo- mists expect the U.S. added 145,000 jobs but that the unem- ployment rate will remain 9.6 per- cent. Economists say the country would have to add roughly 300,000 jobs a month to cause a significant fall in the unemploy- ment rate. Shares rose overseas after the European Central Bank said it will keep its benchmark interest rate at a record low 1 percent. Investors had hoped that bank would announce more purchases of bonds issued by struggling Euro- pean countries including Ireland, Italy and Spain. The Euro Stoxx 50 index, which tracks blue chip companies in countries that use the euro, rose 1.5 percent. The dollar fell 0.5 percent against an index of six currencies. Invisalign maker gets warning on side effects Calif. retains 8th largest economy SAN JOSE (AP) — The Food and Drug Administration has issued a warning to a San Jose-based compa- ny that makes a popular teeth straightener that it must disclose more information about pos- sible side effects. Align Technology, which makes the Invisalign system, dis- closed this week that it received a Nov. 18 warning letter from the FDA. The letter accused the company of failing to comply with federal requirements about the serious risks associated with medical devices. It cited some patient com- plaints about allergic reactions to the Invisalign trays such as swollen lips and mouth ulcers. Align Technology CEO Thomas Prescott told the San Jose Mer- cury News that the side effects have only affect- ed a small percentage of its 1.3 million patients. The company says it has replied to the FDA to resolve the matter. SACRAMENTO (AP) — Despite three years of recession, California can still claim that it would have the world’s eighth largest economy if it were a separate country. That’s according to a report released Thursday by the Palo Alto- based Center for Continuing Study of the California Economy. The center looked at 2009 U.S. Commerce Department estimates for gross domestic product, which valued all goods and services produced in the state at $1.9 trillion. When compared to data compiled by the World Bank, California falls behind Italy’s $2.1 trillion GDP but ahead of Brazil’s $1.6 trillion econo- my. California’s economy would be the 11th largest when using a method that compares purchasing power across countries. Texas is the next largest state with a $1.1 trillion economy, followed close- ly behind by New York. Local Business Operators! Your business can be part of the Premier Edition Celebrating Christmas as we celebrate it in this unique and wonderful place we call “Home.” Featuring original Christmas stories, poems and photos from local residents -- your customers -- in addition to their favorite recipes and Christmas Carols ... and much more. Tehama Country Christmas Album of the Thank your customers for their business, wish clients and potential clients a Merry Christmas and Happy New Year, remind them about your merchandise, brands and services. Special discounted advertising rates for regular Daily News advertisers. 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