In the immediate run up to the Christmas break, on U.S. exchanges 9.81 billion shares changed hands, compared with the 11.16 billion averages for the last 20 sessions. So, we can expect to see some price action on lower volumes, and no real surprise that Wall Street’s three main stock indexes closed higher on Wednesday for their biggest daily gains so far in December with help from upbeat Nike and FedEx quarterly earnings, as well as improving consumer confidence and easing inflation expectations from investors.
Beaten-down tech stocks were snapped up as the climb in Treasury yields cooled following data showing that consumer confidence rose more than expected.
The Dow Jones Industrial Average rose 1.6%, to 33,376.48, the S&P 500 gained 1.49%, to 3,878.44 and the NASDAQ Composite added 1.54%, to 10,709.37.
The Conference Board’s consumer confidence gauge jumped to 108.3 from 101.4, beating economists’ forecast for a reading of 101.0.
Data showing a strong consumer sentiment, a key indicator of consumer spending, which drives the bulk of economic growth, eased fears about a recession, maybe….
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