US equities rose on positive consumer confidence data

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Source: Dukascopy Bank SA
US stocks rose slightly on Friday on upbeat consumer confidence data. The Thomson Reuters/University of Michigan consumer sentiment index jumped to a three-month high of 73.6 in August. Strong earnings reports from the retail sector as well as signs of recovery of the US real estate market spurred rally of the US equities. The S&P 500 Index added 0.19% to end the week at 1,418.16. A half of the industries included in the index climbed. Technology shares posted the biggest gains. Apple rose almost 2% to hit all-time high of USD648.11 after Jefferies raised its target stock price to USD900 and reiterated a ‘buy' rating. Corning and Cisco Systems followed Apple's trend, rising by 2.04% and 0.21%. Meanwhile, retailers were also strong, with Gap climbing 4.80%. On Friday, the firm reported a 29% increase in profits and raised its income outlook. At the same time, health care industry dragged the index lower. Pfizer and Merck & Co dropped 0.96% and 1.37%.

 

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Mon, 20 Aug 2012 09:24:49 GMT

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