Investing.com - U.S. stocks dismissed escalating tensions in
Ukraine and rose on Friday on the coattails of a
better-than-expected consumer sentiment report.
At the close of U.S. trading, the Dow 30 rose 0.11%, the S&P
500 index rose 0.33%, while the NASDAQ Composite index rose
The Volatility S&P 500 index, which measures the outlook for
market volatility, was down 0.58% at 11.98.
The Thomson Reuters/University of Michigan revised consumer
sentiment index came in at 82.5 this month, up from a preliminary
reading of 79.2 and exceeding expectations for a reading of
July's final reading came in at 81.8, and the uptick in the
final August reading bolstered stock prices by keeping expectations
firm that the Federal Reserve will close stimulus programs around
October and hike interest rates some time in 2015.
Separately, data revealed that the Chicago-area purchasing
managers' index rose to 64.3 in August from 52.6 in July, beating
expectations for an increase to 56.0.
On a less positive note, the Bureau of Economic Analysis
reported that U.S. personal spending fell 0.1% last month,
confounding expectations for a 0.2% rise, after an increase of 0.4%
in June, though Wall Street took the data in stride.
On Thursday, the Commerce Department reported that U.S. economy
grew at a revised annualized rate of 4.2%, up from a preliminary
estimate of 4.0% and better than market forecasts for a downward
revision to 3.9%.
Geopolitical issues dampened spirits on Wall Street at times
Reports that Russian troops have entered Ukraine to assist
pro-Moscow separatists have rattled nerves due to concerns that the
conflict will dampen the global economy-especially if Russia sees
fresh sanctions-and drag on U.S. recovery as a consequence.
Leading Dow Jones Industrial Average performers included
Microsoft Corporation (NASDAQ:MSFT), up 1.18%, Home Depot Inc
(NYSE:HD), up 1.09%, and Verizon Communications Inc (NYSE:VZ), up
The Dow Jones Industrial Average's worst performers included
United Technologies Corporation (NYSE:UTX), down 1.02%, Visa Inc
(NYSE:V), down 0.92%, and Wal-Mart Stores Inc (NYSE:WMT), down
European indices, meanwhile, ended the day higher.
After the close of European trade, the DJ Euro Stoxx 50 rose
0.02%, France's CAC 40 rose 0.34%, while Germany's DAX rose 0.08%.
Meanwhile, in the U.K. the FTSE 100 rose 0.20%.
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