US stocks rally on consumer data, Nike results
Wall Street stocks jumped on Wednesday following a surprisingly strong consumer confidence report and Nike results that topped estimates. The closely-watched consumer confidence index jumped more than expected to 108.3 this month, markedly higher than November's figure, according to think tank The Conference Board. The strong reading – which reflects sentiment during a critical month for holiday shopping – reflected a boost from lower petrol prices, said Lynn Franco, The Conference Board's senior director of economic indicators. Meanwhile, sports giant Nike surged 12.2 percent as it reported better-than-expected profits and described progress in selling off excess inventory. The Dow Jones finished up 1.6 percent at 33,376. The S&P 500 advanced 1.5 percent to 3,878, while the Nasdaq also rose 1.5 percent to 10,709. Analysts said the market was primed for a rebound after four straight gloomy sessions from the middle of last week to Monday, on recession worries amid aggressive central bank efforts to counter inflation. "The news was too good today and that has made the many Grinches on Wall Street tentatively throw in the towel," said Edward Moya of the OANDA trading platform. Among other stocks, FedEx jumped 3.4 percent after announcing additional cost cuts as it contends with lacklustre demand for delivery services. (AFP)