Frankfurt Data on US consumer sentiment and the better-than-expected quarterly figures from sporting goods giant Nike brightened sentiment on Wall Street. The Dow Jones index of standard values closed 1.6 percent higher at 33,376 points on Wednesday. The tech-heavy Nasdaq advanced 1.5 percent to 10,709 points. The broad S&P 500 gained 1.5 percent to 3878 points.
The Consumer Sentiment Barometer rose to 108.3 in December from a revised 101.4 in November. This is the best value since April. Economists had only expected 101.0 points. “The drop in gas and food prices is giving consumers a bit of confidence. You’re also seeing inflation starting to come down,” said investment expert Brian Klimke of broker and money advisor Cetera Financial. The prospect of further sharp interest rate hikes by the world’s largest central banks had pulled the stock exchanges down in the days before.
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