(MENAFN– ecpulse)
The U.S local stock market after that the market witnessed the biggest drop since April for the Standard & Poor’s 500 Index as optimism spread throughout the market after that Google Inc. (GOOGL) advanced and concerns eased over crises in the Ukraine and Middle East.
In fact Google jumped 2 percent after it posted revenue that exceeded analysts’ estimates while IBM fell 1.1 percent after reporting that revenue dropped for a ninth quarter.
Plus Advanced Micro Devices Inc. (AMD) tumbled 20 percent as it forecast sales below estimates.
However today a report showed that the preliminary reading of the University of the Michigan Confidence index for the month of July, which assesses consumer confidence regarding personal finances, business conditions and purchasing power, came in lower at 81.3 from 82.5.
Yet this week it was shown that the country’s growth saw “modest to moderate” growth on stronger spending and accordingly later on the day further confidence may be revealed along with subdued prices pressures on the Canadian soil.
In fact this week was the Fed’s Beige Book one where the Federal Reserve said U.S. economic growth was modest to moderate as all of the central bank’s districts reported solid consumer spending and stronger manufacturing.
Plus regarding the labor sector the Federal Reserve said labor markets improved with all regions showing “slight to moderate employment growth.” Several noted “some difficulty finding workers for skilled positions.” Wage pressures “remained modest” in most districts.
Accordingly:
-The Dow Jones Industrial Average gained by 0.55% points to 17,070.43
-The S&P 500 Index rose by 0.67 percent to 1,971.16
-The NASDAQ Composite rose by 1.03% to 4408.38. As of 10:15 a.m
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