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Wall Street rises and US consumer confidence plummets

2019-04-12 03:47 pm | Resource: NEWS | No Views : 140

 Wall Street rises and US consumer confidence plummets

Markets in the United States continued to rise after the opening bell on Friday amid a new set of earnings reports and the official start of the earnings season.

Earlier in the day, the media reported that the United States and the European Union would start formal trade talks on car imports.

US financial giants JPMorgan announced today. Wells Fargo informed investors of increased earnings per share and net revenue. While Walt Disney shares rose after announcing its live broadcast services.

US Consumer Confidence Falls in April

The results of a preliminary survey conducted by the University of Michigan on Friday showed improved confidence among consumers in the United States in March. The Michigan Consumer Confidence Index was 96.9, down 1.5% from March and 1.9% yoy.

The current economic conditions index was 114.2, up 0.8% from the previous month and down 0.6% from the same month last year. Meanwhile, the consumer expectations index fell 3.4% from March and 2.9% from April 2018 to 85.8.

According to the chief economist of consumer surveys, Richard Cortin, consumers found a rise in nominal incomes and low inflation, which in turn led to "strong gains in inflation-adjusted incomes."

However, he noted that "car and home buying has not benefited from lower prices, but consumers have increasingly expressed their complaints about high car and home prices." Curtin said a slight decline in unit sales for both markets is expected in 2019.

US Stocks Open
  • The Dow Jones Industrial Average rose 0.85% after the opening bell, jumping around 230 points.
  • The Standard & Poor's 500 Index gained 0.51% at the start of the session.
  • Meanwhile, the Nasdaq 100 rose 0.36%.

The euro rose 0.56% against the US dollar to sell at 1.1314 at 15:32 CET, while the British pound rose against the dollar by 0.51%, changing hands to 1.3111.

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