Mixed U.S. Data Fails To Boost Shares As Holiday Is Coming
U.S. shares fell in light trading on Thursday as investors started to book their profit ahead of the Christmas holiday weekend. A slew of data in the U.S. which were mixed also sapped traders’ confidence in investing in risky assets.
U.S. economy was reported by the Commerce Department to grow at its fastest pace in two years last quarter. According to the report released earlier today, gross domestic product advanced at a 3.5 percent annual rate, which is faster than the previously reported 3.2 percent pace.
However, traders quickly shrugged off the upbeat GDP data as consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose less than expected. For November, personal spending only grew 0.2 percent, below the estimated 0.3 percent gain. That contributed to holding back inflation last month. The core personal consumption expenditures (PCE) price index, excluding food and energy, was unchanged in November, falling short of expectation for a gain of 0.1%.
Out of 11 sectors of the SP500 index, only Energy, Telecommunication Services and Utilities were trading higher. Consumer Discretionary led losses, shedding 1.14%.
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