The stock market rallied strongly today, as the Dow Industrials ended their losing streak at 8 days. With political news blessedly mostly in the background for once, consumer optimism stepped in as the day's big story. The Consumer Confidence Index jumped to 125.6, up from last month's 116.1. Since consumer spending makes up some 70% of US GDP, that is good news indeed, and stocks responded accordingly. It didn't hurt that the latest home price survey showed the best gains in 2 1/2 years.
Prices got a head start in NY after Asian and European shares rose. Australian, Japanese, and Indian stock prices gained, while Chinese exchanges were mixed. In Europe, the STOXX 600 added 0.61%, led by strong German prices.
Precious metals prices fell on the heels of stronger stocks and a stronger dollar. The US dollar index finished at 99.71, up 0.45%. Contrary to the metals, crude oil rose, ... Log in or subscribe to continue reading.