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Morning Market Update: US Data Provides A Boost

Global markets rebounded overnight as strong economic news from the U.S. showed that the world’s leading economy is on the rise.

European stocks climbed from a six-month low as the People’s Bank of China dispelled concern over a cash crunch in China, and as U.S. data on durable goods, new-home sales and confidence increased more than economists had projected.

The Stoxx 600 increased by 1.5% to 279.7 at the close of trading, its biggest gain in two months. In London, the FTSE 100 added 73 points (+1.2%) to close at 6,102 while the German DAX gained 119 points (+1.6%) to settle at 7,811.

U.S. stocks rose, as the S&P 500 rebounded from a nine-week low, after data showed durable-goods orders and home sales increased more than forecast and consumer confidence climbed.

The S&P 500 added 15 points (+1%) to 1,588 in New York. The Dow Jones rose 101 points (+0.7%) to settle at 14,760.

The Conference Board’s index of U.S. consumer confidence increased to 81.4 in June from 74.3 a month earlier. Another report showed bookings for U.S. goods meant to last at least three years climbed 3.6% for a second month, topping economist forecasts.

In addition, new U.S. homes climbed more than forecast in May to the highest level in almost five years, while home prices increased more than forecast in the 12 months through April.

Crude oil rose for a second session as U.S. durable goods orders gained more than forecast in May and on expectations that crude stockpiles fell last week.

Oil for August delivery settled at $95.32 a barrel on the New York Mercantile Exchange.

Gold slid for a second straight session as signs of improving U.S. economic growth boosted speculation that the Federal Reserve will end its stimulus program. Gold futures for August delivery slipped 0.2% to settle at $1,275.10 an ounce on the Comex in New York.

The yen strengthened from near a two-week low against the US dollar as speculation a cash crunch in China will curb the nation’s economic growth supported demand for the relative safety of the Japanese currency.

There is no major local economic data slated for release today.

Morning Market Update: US Data Provides A Boost is a post from: Australian Stock Report Market Pulse Blog