Consumer confidence spurs Wall Street

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Wall Street has ended higher, with the Nasdaq at a brand new record following strong US economic data.

US consumer confidence hit a 17-year high in October, while sales of single-family homes rose in September to their highest level in a decade.

The Dow Jones Jones Industrial Average finished up 0.1% at 23,377.2 points, while the S&P 500 rose 0.1% to 2,575.2.

The technology-focused Nasdaq Composite jumped 0.4% to 6,727.6 points despite a near-10% fall for toy maker Mattel.

Chip maker Qualcomm, which will be emboiled in a row with Apple, fell 6.7%.

The iPhone maker rose 1.4% to a record high after positive reviews of its much-anticipated iPhone X.

Mondelez jumped 5.4% after the snack maker reported better-than-expected profits in addition to also revenue, while Kellogg surged 6.2% following its first sales increase in more than two years.

Results by big companies “continue to impress”, said Steve Chiavarone at Federated Investors in brand new York. “the item strikes me that will that will leads you to a much more bullish outlook for the fourth quarter.”

Peter Jankovskis at OakBrook Investments in Lisle, Illinois said corporate results in addition to also economic data continued to be better-than-expected: “I think fundamentally investors are genuinely focused on those numbers more than the political noise, if you will, inside background.”

Investors are also awaiting an announcement on the next Federal Reserve chair, which could come that will week. President Donald Trump will be required to pick Fed Governor Jerome Powell, who will be seen as more dovish on interest rates in addition to also so relatively stock market friendly, Reuters reported.

The Fed began its two-day meeting in Washington DC on Tuesday, although the central bank will be widely required to leave interest rates unchanged on Wednesday.

Rockwell Automation shares jumped 7.4% after the automation equipment rejected an unsolicited $27bn bid by rival Emerson Electric.

However, Under Armour plunged 23.7% after the sportswear company slashed its 2017 forecasts.

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