NEW YORK (AP) -- Wall Street climbed again Friday, wrapping up its biggest five-day rally in more than 75 years, even as investors digested signs of a bleak holiday season for retailers and fears that a flurry of reports next week will show more economic distress.
On the short trading day, investors snapped up the battered shares of blue-chip stalwarts Citigroup Inc., General Motors Corp. and Ford Motor Co., fueling a rally that has surprised many market experts whipsawed by wild swings during the past three months. The market got big boosts over the past week from President-elect Barack Obama naming his economic team, the government propping up Citigroup, and the Federal Reserve deciding to buy massive amounts of mortgage-backed securities. These efforts sent mortgage rates plunging, and reassured the market that broad efforts are still being made to fight the financial crisis that intensified in September with the bankruptcy of Lehman Brothers Holdings Inc. Just last week, the S&P 500 index fell to its lowest point since 1997 while Citigroup and GM were trading at 15-year and 70-year lows, respectively — touching off worries about how far the market would slide.
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