Strong consumer confidence sends U.S. stocks higher

U.S. stocks climbed higher following Standard & Poor’s largest gain in a month as consumer confidence surpassed analysts’ expectations, increasing by the most since 2003, Bloomberg reports.

Exxon Mobil Corp. climbed 1.4 percent on an oil rally while Yahoo! spiked 2.3 percent after Thomas H. Lee Partners showed interest in a bid. Hewlett-Packard Co. also grew 1.4 percent after RBC Capital Markets increased its rating for the company’s shares.

On Tuesday, November 29, the S&P 500 rose 0.2 percent to 1,195.19, a 3.2 percent rally in two days. The Dow Jones Industrial Average also saw growth, adding 32.62 points, or 0.3 percent, according to the news source.

“Consumer confidence will be critical to how we weather the next few months,” Bruce McCain, chief investment strategist at the private- banking unit of KeyCorp in Cleveland, told Bloomberg.

According to The Associated Press, consumer confidence is riding at its highest level since July, suggesting more Americans may be willing to spend a little extra this holiday season.

“Consumers appear to be entering the holiday season in better spirits,” said Lynn Franco, director of the Conference Board Consumer Research Center.

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