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By Alex Eule | Friday, November 22 Holiday Cheer. Stocks rallied Friday to finish a strong week, largely wiping out last week's losses. The Dow Jones Industrial Average was back in record territory, up 426 points, or 1.0% on the day. The S&P 500 is within 0.5% of its record, after a 1.7% gain on the week. The Nasdaq Composite is lagging -- due to weakness in Big Tech names -- but only by a bit. It's 1.5% off a record close, after a 1.7% gain this week. Investors were feeling optimistic Friday about the strength of the consumer -- and the upcoming holiday season -- following a strong earnings report from Gap. The apparel retailer boosted its outlook for the year, and the company's CEO said that the "holiday is off to a strong start." Shares jumped 12.8% on the day. Sure enough, consumer discretionary stocks were the standout in today's trading, with the sector up 1.4% on the day. "It’s looking like a jolly holiday season for America’s retailers, based on company guidance and economic forecasts, my colleague Sabrina Escobar reported tonight. "That’s because many U.S. consumers are in good financial health on the eve of the greatest shopping marathon of the year." "At least 10 retailers recently raised their sales or earnings guidance for the current fiscal year to reflect continued spending," Sabrina writes, "including Walmart, Gap, TJX, Ralph Lauren, BJ’s Wholesale Club, Home Depot, and e.l.f. Beauty." Feelings about the holiday shopping season could go a long way in driving investor sentiment over the next month. "If early holiday sales reports come in strong it is likely we're headed for a year-end on a high note," Louis Navellier, Navellier and Associates founder, wrote today. Read more from Sabrina here on why the holiday season is shaping up to be stronger than many expected. Watch our TV show on Fox Business Fridays at 7:30 p.m. ET, and Saturdays and Sundays at 9:30 a.m. and 10:30 a.m. ET. This week, Bank of America strategist Savita Subramanian weighs in on high market valuations. Plus, more stocks hit by the RFK Jr. effect, and a trifecta for airline shares. 
DJIA: +0.97% to 44,296.51 The Hot Stock: Super Micro Computer +11.1% Best Sector: Consumer Discretionary +1.4% 
This Weekend's Magazine
The CalendarRetailer earnings and the Federal Reserve's preferred inflation data will be the highlights of the upcoming holiday-shortened week. U.S. stock and bond markets will be closed on Thursday for Thanksgiving, before a half day of trading on Friday. Bath & Body Works and Zoom Video Communications release quarterly results on Monday, followed by a busy Tuesday of reports from Best Buy, CrowdStrike, Dell Technologies, Dick’s Sporting Goods, HP, Macy’s, Nordstrom, and Workday. On Wednesday, the Bureau of Economic Analysis will release the personal-consumption expenditures price index for October. Economists' consensus estimate calls for a 2.3% year-over-year increase. Other economic data to watch next week include new residential sales for October and the Conference Board's Consumer Confidence Index for November on Tuesday, then the durable goods report for October and the National Association of Realtors' Pending Home Sales Index for October on Wednesday. Finally, the Federal Open Market Committee will publish the minutes from its early November monetary-policy meeting on Tuesday afternoon. --Nicholas Jasinski 
What We're Reading Today
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