Major indices gain further upside following supportive consumer sentiment data
The Dow climbed 259.65 points (0.6%) to 43,988.99, the Nasdaq inched up 17.32 points (0.1%) to 19,286.78 and the S&P 500 rose 22.44 points or 0.4% to 5,995.54.In U.S. economic news, preliminary data released by the University of Michigan showed consumer sentiment has improved by more than expected in the month of November. The consumer sentiment index climbed to 73 in November from 70 in October.
On the inflation front, the report said year-ahead inflation expectations slipped to 2.6% in November from 2.7% in October, hitting the lowest level since December 2020.
Long-run inflation expectations, inched up to 3.1% in November from 3% in October, remaining modestly elevated relative to the range of readings seen in the two years pre-pandemic.
With the yield on the benchmark ten-year note pulling back further off the four-month closing high set on Wednesday, utilities, commercial real estate and telecom stocks all move notably higher.
Steel stocks showed a significantly moved downwards, with the NYSE Arca Steel Index falling by 1.6% after ending Thursday's trading at a seven-month closing high. Oil service and gold stocks displayed weakness moving lower along with the price of their associated commodities.
Asia Pacific stocks turned in mixed performance on Friday. Japan's Nikkei 225 Index rose by 0.3% while China's Shanghai Composite Index fell by 0.5% and Hong Kong's Hang Seng Index slumped by 1.1%. Meanwhile, the major European markets moved downwards. French CAC 40 Index tumbled by 1.2%, the U.K.'s FTSE 100 Index and the German DAX Index both slide by 0.8%.
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In the bond market, treasuries extended the notable rebound seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.5 bps to 4.30%.
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