(CercleFinance.com) – Wall Street is on the rise Thursday morning, carried by a burst of indicators suggesting that the US economy is managing to free itself from the negative implications induced by inflation and the coronavirus.
At the end of the morning, the Dow Jones advanced 0.6% to 35,960.3 points, while the Nasdaq Composite took 0.8% to 15,651 points.
The trend is supported by the numerous statistics published in the morning, which have come to prove that the activity was resistant to inflationary pressures and the different waves of Covid.
In particular, household consumption expenditure rose 0.6% in November, where analysts at Jefferies had only expected an increase of 0.4%.
Another promising indicator, the number of weekly registrations for unemployment benefits remained stable during the week of December 13, at 205,000, like the revised figure of the previous week.
Durable goods orders for their part increased more than expected in November (+ 2.5%), testifying to the strength of the economy despite inflationary pressures and the health situation.
Two other statistics were released during the session, including the University of Michigan confidence index, which improved in December to 70.6 from 67.4 a month earlier.
The Commerce Department also announced a 12.4% jump in sales of new homes in the United States in November, confirming the good health of the real estate market.
Investors are relying on these favorable figures to continue shopping for equities, in particular by favoring the most cyclical stocks.
Today’s progress confirms the resumption of the end-of-year rally, which should take the gains of the S&P 500 index to around 3% in December.
The US stock markets will be closed tomorrow for the Christmas festivities.
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