Strong Economic Data Overwhelm Oil Slide, Sending SP500 Higher
U.S. shares shrugged off early losses to turn higher on Tuesday, hovering near all-time record high logged last Friday. The benchmark SP500 index edged 0.3% higher, boosted by a slew of better-than-expected economic reports, which overshadowed a drop in crude prices.
The Conference Board on Tuesday reported the U.S. consumer confidence soared to prerecession levels in November. The index advanced to the highest since July 2007 at 107.1, comfortably beating analysts’ forecasts for an increase to 102 in November.
The U.S. economy was reported to grow at the fastest pace in over two years in the third quarter. Besides surging exports, the rally was also powered by consumers and government that stepped up their spending. According to the Commerce Department, gross domestic product expanded at a 3.2% annual rate – the strongest pace since the second quarter of 2014.
At the time of trading, eight of the 11 main sectors were trading higher, led by real estates and health care shares. Energy sector was down 1.35% as oil futures ticked lower ahead of a key meeting of major crude producers.
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