Wall Street stocks lifted by data, earnings, Yellen remarks
The benchmark S&P 500 index rose to within a hair of its record high on Thursday as bank stocks got a boost from bets on higher interest rates and consumer discretionary stocks were helped by economic data and earnings. Federal Reserve Chair Janet Yellen, in her congressional testimony, solidified bets that the central bank was on track to raise interest rates in December. This signalled economic strength and helped consumer stocks as well as financials, said Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
"I think it's strong earnings out of a few stocks, coupled with the economic data, that's buoying the market today," said Sampson, adding that some investors may be boosting their expectations for the holiday shopping season. US data for October showed consumer prices recorded their biggest lift in six months in October and housing starts surged to a more than nine-year high, helped by both single family and multifamily homes.
The benchmark S&P 500 index rose to within a hair of its record high on Thursday as bank stocks got a boost from bets on higher interest rates and consumer discretionary stocks were helped by economic data and earnings. Federal Reserve Chair Janet Yellen, in her congressional testimony, solidified bets that the central bank was on track to raise interest rates in December. This signalled economic strength and helped consumer stocks as well as financials, said Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. 
No comments:
Post a Comment