Stocks rose on Wall Street, lifting major indexes into the green for the week as investors welcomed a report showing consumer confidence is holding up better than expected
. That’s despite the Federal Reserve’s campaign to fight inflation by reining in the economy with sharp increases in interest rates. The S&P 500 index climbed 1.5% Wednesday and the Nasdaq rose 1.5%. The Dow Jones Industrial Average added 1.6% with a lot of help from Nike, which soared after reporting better-than-expected results. Treasury yields mostly fell. Technology stocks were among the big winners. Energy stocks gained ground along with rising oil prices.
Nike surged 13.2% for the biggest gain among S&P 500 stocks after reporting results that trounced analysts' estimates. FedEx rose 3.6% after reporting strong earnings. Energy stocks gained ground as U.S. crude oil prices settled 2.9% higher. Hess gained 3.3%Treasury yields were mostly lower. The yield on the 10-year Treasury, which influences mortgage rates, slipped to 3.68% from 3.69 late Tuesday.
more than economists expected in November. The housing market has been a strong area of the economy, but has been tempered by rising mortgage rates. That has made an already tight housing market even more difficult for prospective homebuyers. “The news has delivered a kind of a sweet spot for the Federal Reserve,” said Megan Horneman, chief investment officer at Verdence Capital Management. “The consumer is staying relatively resilient.”
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