Under: Wall Street, S and P, 52-wk high,Global Opinion, Global Markets, Global Cues,
Broad-based buying sent the S&P 500 to fresh 52-week highs despite a surprise downward revision to third quarter GDP and a gain by the greenback. The higher than expected existing home sales supported sentiment. Also Read - How ADRs performed
The Dow Jones Industrial Average added 50.79 points, or 0.5%, to 10,464.93. The Standard & Poor's 500 index rose 3.97 points, or 0.4%, to 1,118.02, while the Nasdaq Composite Index was up 15.01 points, or 0.7%, to 2,252.67. The market mood was tempered by news that third quarter GDP was determined to have increased at a slower-than-expected annualized rate of 2.2%, lower than consensus prediction.
The housing data of course provided some relief. It showed that existing home sales climbed at a stronger-than-expected clip of 7.4% month-over-month. That lifted the annualized rate to 6.54 million units.
The dollar index fell after hitting fresh 3-month highs but continues to trade around the 78 mark. In intra-day trade yesterday, the index rose to a high of 78.44, the most since September 4. The dollar's gains led to a selloff in commodities, crude slipped almost a percent but it is trading above the USD 74. The base metals too were impacted by the dollar's strength.
Broad-based buying sent the S&P 500 to fresh 52-week highs despite a surprise downward revision to third quarter GDP and a gain by the greenback. The higher than expected existing home sales supported sentiment. Also Read - How ADRs performed
The Dow Jones Industrial Average added 50.79 points, or 0.5%, to 10,464.93. The Standard & Poor's 500 index rose 3.97 points, or 0.4%, to 1,118.02, while the Nasdaq Composite Index was up 15.01 points, or 0.7%, to 2,252.67. The market mood was tempered by news that third quarter GDP was determined to have increased at a slower-than-expected annualized rate of 2.2%, lower than consensus prediction.
The housing data of course provided some relief. It showed that existing home sales climbed at a stronger-than-expected clip of 7.4% month-over-month. That lifted the annualized rate to 6.54 million units.
The dollar index fell after hitting fresh 3-month highs but continues to trade around the 78 mark. In intra-day trade yesterday, the index rose to a high of 78.44, the most since September 4. The dollar's gains led to a selloff in commodities, crude slipped almost a percent but it is trading above the USD 74. The base metals too were impacted by the dollar's strength.
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