The market got a boost from new data showing that consumer confidence in the U.S. hit its highest level since 2000.
MAGA guys, MAGA.
Banks and other financial companies led U.S. stock indexes sharply higher Tuesday, snapping an eight-day losing streak for the Dow Jones industrial average.
The rally was broad, with materials and industrial companies among the biggest gainers. Energy stocks notched a big gain as crude oil prices moved higher.
Investor optimism that Congress and the White House are pivoting to tax cuts and other business-friendly policy proposals after spending recent weeks focused on health care also helped send the market higher, said JJ Kinahan, chief market strategist at TD Ameritrade.
"The consumer confidence number was really good, but more importantly, it seems like both sides of the aisle do want to get something done around tax reform," Kinahan said. "That's all the market is really hanging its hat on."
The Dow rose 150.52 points, or 0.7 percent, to 20,701.50. The 30-company average's decline in the previous eight consecutive days was its longest slide in more than five years. The Standard & Poor's 500 index added 16.98 points, or 0.7 percent, to 2,358.57. The Nasdaq composite index gained 34.77 points, or 0.6 percent, to 5,875.14.
more
US stock indexes close higher as consumer confidence gains - ABC News
MAGA guys, MAGA.
Banks and other financial companies led U.S. stock indexes sharply higher Tuesday, snapping an eight-day losing streak for the Dow Jones industrial average.
The rally was broad, with materials and industrial companies among the biggest gainers. Energy stocks notched a big gain as crude oil prices moved higher.
Investor optimism that Congress and the White House are pivoting to tax cuts and other business-friendly policy proposals after spending recent weeks focused on health care also helped send the market higher, said JJ Kinahan, chief market strategist at TD Ameritrade.
"The consumer confidence number was really good, but more importantly, it seems like both sides of the aisle do want to get something done around tax reform," Kinahan said. "That's all the market is really hanging its hat on."
The Dow rose 150.52 points, or 0.7 percent, to 20,701.50. The 30-company average's decline in the previous eight consecutive days was its longest slide in more than five years. The Standard & Poor's 500 index added 16.98 points, or 0.7 percent, to 2,358.57. The Nasdaq composite index gained 34.77 points, or 0.6 percent, to 5,875.14.
more
US stock indexes close higher as consumer confidence gains - ABC News