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Tuesday, February 27, 2024

US stocks up after positive reports

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The Dow Jones industrial average closed up 151, at 11,187

US stocks closed sharply higher after a batch of economic reports offered hope that the US economy is improving.

Incomes rose last month and consumer spending climbed for a fifth month. That raised hopes that shoppers will hit the malls in droves the day after Thanksgiving, the start of the holiday shopping season.

At the same time, fewer people claimed unemployment benefits last week, a sign that the labour market is recovering.

The Dow Jones industrial average rose 151, or 1.4%, to close at 11,187.

The S&P 500 gained 17, or 1.5%, to 1,198. The Nasdaq rose 48, or 1.9%, to 2,543.

Rising shares outpaced falling ones by four to one on the New York Stock Exchange. Volume was 828 million shares.

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