The stock market rallied today on surprisingly upbeat data from consumers and retailers.
Consumer sentiment improved markedly in early December, according to the Reuters/University of Michigan Consumer Confidence Index. The index rose to 73.4 in early December from 67.4 in November.
"Confidence improved in early December mainly due to widespread price discounting by merchants attempting to spark holiday sales as well as somewhat more positive expectations for economic growth and employment," Richard Curtin, director of the Reuters/University of Michigan Surveys of Consumers, said in a statement.
Meanwhile, the U.S. Commerce Department said retail sales rose 1.3 percent in November. Wall Street had predicted a 0.7-percent increase. The monthly total was markedly upbeat after some dismal Black Friday reports.
The positive data helped the Dow Jones Industrial Average to gain more than 60 points this morning.
Local stocks in the BizTimes Stock Index were led this morning by Wisconsin Energy Corp. (up 81 cents to $47.80) and A.O. Smith Corp. (up 48 cents to $43.87). The largest local decliners this morning were Brady Corp. (down 16 cents to $29.63) and Weyco Group Inc. (down 13 cents to $23.82).
Stocks rally as consumer confidence gains
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