The Dow rose by 1% with strong performances in networking, housing and banking stocks. Consumer sentiment revised lower while bond yields dipped to 4.41%.
The major averages all ended the day in positive territory with the Dow jumping 426.16 points (1%) to 44,296.51. The S&P 500 also climbed 20.63 points (0.4%) to 5,969.34 while the Nasdaq rose 31.23 points (0.2%) to 19,003.65. The markets advanced despite of Nvidias pullback by 3.2%.Gap (GAP) surged after it reported better than expected third quarter earnings and raised its full-year guidance. Intuit (INTU) reported better than expected fiscal first quarter results but provided disappointing guidance for the current quarter due to which it came under pressure.
University of Michigan released revised data of consumer sentiment in the US which improved less than previously estimated in the month of November. The University said that the consumer sentiment index for November was downwardly revised to 71.8 from the preliminary reading of 73.0. While the downward revision surprised economists, who had expected the reading to be upwardly revised to 73.7, the index is still above the final October reading of 70.5.
Networking stocks performed best resulting in 2.1% jump by the NYSE Arca Networking Index. computer hardware stocks saw considerable strength reflected by the 1.8% gain by the NYSE Arca Computer Hardware Index. Housing stocks significantly moved upwards, driving the Philadelphia Housing Sector Index up by 1.6%. Banking, biotechnology and oil service stocks also saw notable strength while utilities stocks gave back some ground.
Asia Pacific stocks turned in a mixed performance on Friday. Japan's Nikkei 225 Index climbed by 0.7% while Hong Kong's Hang Seng Index slumped by 1.9% and China's Shanghai Composite Index plunged by 3.1%.
The major European markets all moved upwards. The U.K.'s FTSE 100 Index jumped by 1.4%, the German DAX Index advanced by 0.9% and the French CAC 40 Index rose by 0.6%.
More From This Section
In the bond market, treasuries saw modest strength after moving lower over the two previous sessions. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, dipped 2.2 bps to 4.41%.
Powered by Capital Market - Live News