Investing.com - U.S. stock prices posted their biggest gains since 1997 this year and rose on Teusday, the last trading day of 2013, after a widely-watched consumer confidence barometer beat expectations and fueled hopes 2014 will see more robust economic growth and improving corporate fundamentals.
At the close of U.S. trading, the Dow Jones Industrial Average rose 0.36%, the S&P 500 index rose 0.40%, while the Nasdaq Composite index rose 0.54%.
The Conference Board reported earlier that its index of U.S. consumer confidence improved to 78.1 in December from 72.0 in November, beating consensus forecasts for a 76.0 reading.
Stocks applauded the data as well as better-than-expected numbers out of the U.S. housing sector.
Also Tuesday, the Standard & Poor’s/Case-Shiller 20-city home price index rose at an annualized rate of 13.6% in October from a year earlier, the strongest pace since February of 2006 and above forecasts for an increase of 13.0%.
Investors shrugged off industry data revealing that the Chicago purchasing managers’ index fell to a seasonally adjusted 59.1 this month from 63.0 in November. Analysts had expected the index to decline to 61.0 in December.
Hopes U.S. growth rates and fourth-quarter earnings will meet or beat expectations fueled the rally as well.
Leading Dow Jones Industrial Average performers included American Express, up 1.24%, United Technologies, up 0.95%, and JPMorgan Chase, up 0.91%.
The Dow Jones Industrial Average's worst performers included Johnson & Johnson, down 0.78%, Procter & Gamble, down 0.73%, and Pfizer, down 0.20%.
European indices, meanwhile, finished mixed.
After the close of European trade, the EURO STOXX 50 fell 0.19%, France's CAC 40 rose 0.47%, while Germany's DAX 30 fell 0.39%. Meanwhile, in the U.K. the FTSE 100 finished up 0.26%.
At the close of U.S. trading, the Dow Jones Industrial Average rose 0.36%, the S&P 500 index rose 0.40%, while the Nasdaq Composite index rose 0.54%.
The Conference Board reported earlier that its index of U.S. consumer confidence improved to 78.1 in December from 72.0 in November, beating consensus forecasts for a 76.0 reading.
Stocks applauded the data as well as better-than-expected numbers out of the U.S. housing sector.
Also Tuesday, the Standard & Poor’s/Case-Shiller 20-city home price index rose at an annualized rate of 13.6% in October from a year earlier, the strongest pace since February of 2006 and above forecasts for an increase of 13.0%.
Investors shrugged off industry data revealing that the Chicago purchasing managers’ index fell to a seasonally adjusted 59.1 this month from 63.0 in November. Analysts had expected the index to decline to 61.0 in December.
Hopes U.S. growth rates and fourth-quarter earnings will meet or beat expectations fueled the rally as well.
Leading Dow Jones Industrial Average performers included American Express, up 1.24%, United Technologies, up 0.95%, and JPMorgan Chase, up 0.91%.
The Dow Jones Industrial Average's worst performers included Johnson & Johnson, down 0.78%, Procter & Gamble, down 0.73%, and Pfizer, down 0.20%.
European indices, meanwhile, finished mixed.
After the close of European trade, the EURO STOXX 50 fell 0.19%, France's CAC 40 rose 0.47%, while Germany's DAX 30 fell 0.39%. Meanwhile, in the U.K. the FTSE 100 finished up 0.26%.