American stocks close higher on economic data

Published: Wilson Clark

On: Dec 2017

According to a latest market buzz, United States of America’s stocks were closed higher in a holiday-shortened week because the large pools of investors were digesting the recent economic data. Reportedly, on Wednesday, the Dow Jones Industrial average added approx 28.09 points or 0.11 % to the amount 24,774.30.

The S&P 500 registered a growth of 2.12 points, or 0.08 % to the value of 2,682.62 as recorded by Xinhua news agency. While on the other hand Nasdaq Composite Index was increased 3.09 points, or, 0.04 per cent to the figure 6,939.34.

When we talk about the economic front, the United States Conference Board Confidence Index showed lower growth in the month of December following a modest improvement in the November month. As per a source the index now stands at 122.1, low from 128.6 in the month of November.

US stocks ended on high note on economic data

According to a survey performed by the National Association of Realtors on Wednesday, a forward looking indicator based on contract signings called the Pending Home sales index increased 0.2 per cent to 109.5 per cent in November 2017 from 109.3 per cent in the October.

It is said that, with the previous month’s modest growth, the index remains at it’s highest reading since the June month. And now, it’s 0.8 per cent above a year ago. After the President of United States of America Donald Trump signed a $1.5 trillion tax cut bill into law on Friday, the Dow and S&P 500 posted the 5th straight week of gains last week.

By sweeping rewrite of US tax law since the year 1986, this new tax bill would likely to cut the corporate income tax rate to 21 % from the current 35% and lower individual income rates.