US stocks rose sharply following bright consumer confidence data

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After initially showing a lack of direction, stocks rose almost in the process of trading Wednesday morning. With the upward movement, key averages have been added to the strong profits posted in the previous session.

Currently, the key average is just below the session highs. The Dow rose 156.54 points (0.4%) to 35,649.24, the Nasdaq rose 105.60 points (0.7%) to 15,446.68, and the S & P 500 rose 29.47 points (0.6%) to 4,678.70.

The strength that emerged on Wall Street partially reflects the positive reaction to the latest US economic data, including the Conference Board’s report in December showing higher-than-expected consumer confidence. May be there.

The report showed that the consumer confidence index rose from 111.9, which was revised upward in November, to 115.8 in December.

Economists expected the consumer confidence index to rise from 109.5 to 110.7, which was first reported last month.

Lynn Franco, senior director of economic indicators at The Conference Board, said concerns about both inflation and Covid-10 have diminished despite continued price increases and reports of the emergence of Omicron variants. rice field.

Numerous US economic data will be released Thursday, including weekly unemployed billing, consumer durables orders, personal income and spending, and reports on new home sales.

Traders aim to get off to a good start on the Christmas weekend, but they may still keep an eye on the data for clues about the economic outlook.

On that day, housing inventories showed a remarkable upward trend, with the Philadelphia Housing Sector Index rising 1.4%.

The strength of home launches has come after the National Association of Real Estate Agents released a report in November showing that existing home sales rose to a 10-month high.

According to NAR, existing home sales rose 0.8% to 6.34 million in October and then 1.9% to 6.46 million annually in November.

Airline stocks have also expanded the rise seen in the previous session, with the NYSE Arca Aviation Index rising 1% after rising 5.3% on Tuesday.

Most of the other major sectors have shown more modest movements, but there is some strength in pharmaceutical and gas inventories.

In foreign trade, stocks market During the trading on Wednesday, the entire Asia Pacific region rose almost. Japan’s Nikkei 225 index rose 0.2% and Hong Kong’s Hang Seng index rose 0.6%.

On that day, major European markets also started to rise. France’s CAC 40 index has risen 0.8%, Germany’s DAX index has risen 0.5%, and the UK’s FTSE 100 index has risen 0.2%.

In the bond market, the Treasury has regained its background after moving forward early, but remains positive. As a result, the benchmark 10-year bond yield is the opposite of the price, dropping 2 basis points at 1.467%.

Contact for comments and feedback: editorial@rttnews.com

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US stocks rose sharply following bright consumer confidence data

Source link US stocks rose sharply following bright consumer confidence data

The post US stocks rose sharply following bright consumer confidence data appeared first on Eminetra.

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