• Major US stock indexes finished trading above zero

Market news

9 December 2016

Major US stock indexes finished trading above zero

Major stock indexes in Wall Street closed higher for a third day, helped by growth in health care stocks and technology stocks.

As shown by the preliminary results of research presented by Thomson-Reuters and Institute of Michigan in December, US consumers felt more optimistic about the economy than last month. According to the data, in December consumer sentiment index rose to 98 points versus 93.8 points last month. It was predicted that the index was 94.5 points. Recall, the index is a leading indicator of consumer sentiment. The indicator is calculated by adding 100 to the difference between the number of optimists and pessimists, expressed as a percentage.

At the same time, wholesale inventories in the US fell, as previously reported, in October, amid the surge in sales, supporting the view that investment in inventories would provide a modest boost to economic growth in the fourth quarter. The Commerce Department reported Friday that wholesale inventories fell 0.4% after rising 0.1% in September.

Oil prices added about one percent, as investors remain optimistic before the meeting of the major oil-producing countries on the reduction of production, which will be held tomorrow. On Saturday, the ministers of oil from OPEC countries will meet with the producers, not OPEC, to ask for help in the fight against global glut the market. Recall at the meeting of November 30, participants of the cartel agreed to cut production in January by 1.2 million barrels a day to 32.5 million barrels.

DOW index components closed mostly in positive territory (25 of 30). Most remaining shares rose Pfizer Inc. (PFE, + 2.52%). Outsider were shares of Caterpillar Inc. (CAT, -0.66%).

Most of the S & P sectors recorded increase. The leader turned out to be the health sector (+ 1.3%). Most of the basic materials sector fell (-0.3%).

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