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Strong results from Research in Motion help the tech sector lead a rally. MOREINFO: U.S. consumers spent more than expected in November. Manoush Zomorodi reports. SCRIPT: The tech sector gives Wall Street a boost after Research in Motion, which makes the Blackberry, reports strong results. Financial stocks also added to the rally- thanks to a report in the Wall Street Journal that says Merrill Lynch may get up to $5 billion in a capital infusion from a Singapore state investor. Investors were also buoyed by a consumer spending report, which showed U.S. personal spending grew more than expected in November. Turns out shoppers weren't discouraged by signs of trouble in the economy. One company that didn't benefit from the shopping spirit- Circuit City. The electronics chain reported a wider third-quarter loss on Friday. Circuit City stock plummeted as a result. Manoush Zomorodi, Reuters, NY COMPANIES MENTIONED: Research in Motion, Merrill Lynch, Circuit City SYMBOLS: RIMM.O, MER.N, CC.N
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Added: Dec 21, 2007 |
| Category: Business |
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