The US markets ended higher on Tuesday amid renewed optimism about the outlook for interest rates following the latest U.S. economic data and recent dovish comments from Federal Reserve (Fed) officials. The Commerce Department released a report showing that retail sales in the U.S. increased by less than expected in September. Further, payroll processor ADP released a report showing U.S. private sector employers shed an average of 13,500 jobs per week in the four weeks ending November 8, compared to an average loss of 2,500 jobs in the previous four-week period. The Conference Board also released a report showing a substantial deterioration by U.S. consumer confidence in the month of November. The report said the consumer confidence index tumbled to 88.7 in November from an upwardly revised 95.5 in October. Meanwhile, street had expected the consumer confidence index to dip to 93.3 from the 94.6 originally reported for the previous month.
On the sectoral front, significant strength has been seen in housing stocks, driving the Philadelphia Housing Sector Index up by 4.2 percent to its best closing level in almost a month. Besides, substantial strength was visible among airline stocks, as reflected by the 3.9 percent surge by the NYSE Arca Airline Index.
Dow Jones Industrial Average jumped 664.18 points or 1.43 percent to 47,112.45, Nasdaq climbed 153.59 points or 0.67 percent to 23,025.59 and S&P 500 advanced 60.76 points or 0.91 percent to 6,765.88.
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