Dow stretches Wednesday’s gain to 500 points amid consumer-confidence upswing
U.S. stocks were trading sharply higher Wednesday morning, with the Dow Jones Industrial Average jumping more than 500 points, as investors digest fresh data showing a rise in U.S. consumer confidence. Stocks are extending gains after Wall Street snapped a losing streak as the long Christmas weekend nears.
The Conference Board said Wednesday that U.S. consumer confidence “bounced back in December,” after back-to-back monthly drops. Its consumer confidence index jumped to an eight-month high of 108.3 in December, exceeding forecasts from economists polled by The Wall Street Journal.But Matt Lloyd, chief investment strategist at Advisors Asset Management, expressed caution over the stock market’s sharp move higher Wednesday.
Meanwhile, markets have brushed aside a surprise monetary shift by the Bank of Japan on Tuesday, when it raised the yield at which it allows bond to trade. The move has been viewed as a first step toward the bank ending its era of ultra easy monetary policy, though BOJ Gov. Haruhiko Kuroda described the measure as neither a tightening nor a move toward the exit.
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