Wall Street rebounds amid positive data
|U.S. stocks received a boost from strong consumer confidence data on Tuesday and closed the day in the green after dropping for eight consecutive sessions. Furthermore, the barrel of West Texas Intermediate gained 1.3% on the day, lending extra support to major US equity indices.
Forex today: improved risk sentiment across the board, GBP/USD worst performer
Consumer confidence in the United States improved to the highest level in more than sixteen years at 125.6, as the index released by the Conference Board showed. Further details of the report highlighted the optimism surrounding the labor market as the percentage of people expecting more jobs in the months ahead increased to 24.8 from 20.9. The financial sector took advantage of this optimism and .SPSY jumped 1.4%.
Libya's state-controlled National Oil Corp on Tuesday declared force majeure on crude loadings from the Sharara oilfield after the field was shut down on Monday, leading to a 20% decline in total crude output. Following the news, the WTI jumped to its weekly high at $48.74. Assisted by stronger oil prices, S&P 500 Energy Sector, .SPNY, gained 1.3%.
The Dow Jones Industrial Average added 150.52 points, or 0.73%, to 20,701.50, the S&P 500 rose 13.75 points, or 0.6%, to 2,352.00 and the Nasdaq Composite gained 34.77 points, or 0.6% to 5,875.14.
Headlines from the U.S. session
- US: Trump signed an executive order on energy independence
- Major oil traders expect an extension to output cuts - RTRS
- US Consumer Confidence improves further: not just a post-election bounce - Wells Fargo
- Fed's Kaplan: Fed should be taking steps to hike rates patiently and gradually
- Libya's NOC declares force majeure on Sharara crude loadings - RTRS
- No talk of moving on to tax reform or infrastructure at House GOP mtg - CNN
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