An 11K kind of day?

[notiCIas]

An 11K kind of day?

Dow could reach mark not seen since '01 as futures point up on holiday shopping, lower oil.

November 28, 2005: 7:13 AM EST

NEW YORK (CNNMoney.com) - U.S. stocks were poised to get a lift from a strong start to the holiday shopping season and lower oil prices as the Dow Jones industrial average aims at the 11,000 threshold for the first time since 2001.

Stock futures were up, indicating a higher opening for stocks, after the National Retail Federation projected a 22 percent gain in Thanksgiving weekend sales compared to a year ago. A strong start could give stocks a chance at their sixth straight advance following Friday's narrow gains during a shortened trading day.

Oil prices were off more than a dollar a barrel on forecasts of another mild week of weather in the Northeast. The January light crude futures contract for NYMEX lost $1.18 to $57.53 a barrel from Wednesday's settlement in electronic trading, while the January contract for Brent crude was up 9 cents to $55.10 from Friday.


Major markets in Asia closed higher Monday on the reports of strong U.S. retail sales and the dollar hitting a two-year high versus the yen. Major European markets also were higher in early trading.

Treasury prices were lower, lifting the yield on the 10-year note to 4.46 percent from 4.42 percent late Friday. Besides hitting the two-year high against the yen, the dollar also gained ground against on the euro.

A week full of closely watched economic reports starts with the latest reading on the strength of the U.S. real estate market, as the National Association of Realtors releases its existing home sales report for October. Economists surveyed by Briefing.com forecast predict sales fell to an annual rate of 7.20 million in the month, down from 7.28 million in September, when sales were near a record high.

In corporate news, drugmaker Merck (Research) announced a reorganization Monday that includes cutting 7,000 jobs, or about 11 percent of its global work force, and closing or selling five plants. It also gave 2006 earnings guidance below current forecasts.