US Stocks Rise Ahead Of Key Consumer Data
Posted: Thursday, November 30, 2017 – 7:13 PM
Wall Street stocks rose back into record territory early Tuesday ahead of data on US consumer confidence and a Senate confirmation hearing for Federal Reserve nominee Jerome Powell.
Analysts described investor sentiment as upbeat after a solid start to the holiday shopping season following the “Black Friday” and “Cyber Monday” promotions.
The Conference Board’s consumer confidence reading hit a 17-year record in October and Tuesday’s report for November also was expected to be strong, though not quite as high as last month’s.
About 15 minutes into trading, the Dow Jones Industrial Average stood at 23,664.05, up 0.4 percent.
The broad-based S&P 500 advanced 0.2 percent to 2,607.61, and the tech-rich Nasdaq Composite Index also gained 0.2 percent to 6,889.66.
Written testimony from Powell released late Monday supported easing some of the bank regulations that President Donald Trump has argued crimps lending, but he also defended the measures that have made the financial system more crisis-proof.
And Powell suggested he would continue the gradual approach to raising interest rates pursued under outgoing Fed chief Janet Yellen.
Among big stock movers, Emerson gained 2.0 percent after withdrawing a proposal to acquire Rockwell Automation, saying that company refused to engage in talks on how to merge operations. Rockwell was flat.
Amazon advanced 0.2 percent after Goldman Sachs raised its price target on the online retailer to $1,450 from $1,300 on expectations of major new product announcements at an Amazon technology conference this week.
Restaurant chain Buffalo Wild Wings jumped 6.3 percent on news that Arby’s Restaurant Group will acquire the company for about $2.9 billion.
© Agence France-Presse