- Energy and financials lead gains.
- Utilities continue to underperform.
- US GDP expands more than 3% for the second quarter in a row.
Major equity indexes in the United States started the day on a high note as investors cheered yet another set of upbeat macroeconomic data from the United States. Although the Commerce Department's third estimate of GDP growth eased to 3.2% from its second estimate of 3.3%, it recorded the first consecutive quarterly expansion above 3% in nearly three years.
With the barrel of West Texas Intermediate refreshing its 10-day high above the $58 handle, the S&P 500 Energy Sector (SPNY) closed the day with a gain of 2.08%, becoming the best performing sub-index of the day while the S&P 500 Financials Sector (SPSY) added 0.85%. Commenting on today's market action, “there’s still the after-effects of tax reform being passed, I get the sense that the market is very optimistic about next year,” Michael Antonelli, managing director at Robert W. Baird in Milwaukee, told Reuters.
On the other hand, the S&P 500 Utilities Sector (SPLRCU), which is expected benefit the least from the tax reform, lost 1.2% and recorded its fourth negative daily closing in a row.
The Dow Jones Industrial Average added 59.87 points, or 0.24%, to 24,786.52, the S&P 500 rose 5.81 points, or 0.22%, to 2,685.06. A 0.3% daily drop seen in the S&P 500 Information Technology Sector (SPLRCT) made it difficult for the tech-heavy Nasdaq Composite to post robust gains and the index finished the day 5.81 points, or 0.08%, higher at 6,966.77.
Today's data from the U.S.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.