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US stocks rise on strong consumer confidence data

Tuesday, September 27, 2016 - 22:35
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[NEW YORK] A report showing strong consumer confidence in September helped boost US stocks into positive territory early Tuesday, overcoming initial weakness on lower oil prices.

US consumer confidence jumped to 104.1 in September, up from 101.8 in August, the highest level since the recession, said the Conference Board.

About 30 minutes into trade, the Dow Jones Industrial Average was at 18,144.65, up 0.3 per cent.

The broad-based S&P 500 rose 0.3 per cent to 2,151.64, while the tech-rich Nasdaq Composite Index gained 0.5 per cent to 5,282.95.

Gainers in the Dow included American Express, up 1.3 per cent, IBM, up 1.5 per cent and Procter & Gamble, up 0.8 per cent.

Halliburton fell 2.0 and Schlumberger 1.1 per cent as oil prices dropped on rising doubts an agreement to limit output will be reached this week at a much-anticipated gathering of oil producers in Algeria.

Kite Pharma surged 8.4 per cent after reporting positive clinical results for its Zuma-1 treatment for large B-cell lymphoma.

Rice Energy fell 6.5 per cent on news it reached a deal to acquire privately-held Vantage Energy for US$2.7 billion, adding shale assets from Pennsylvania to its holdings in Appalachia.

Travel-oriented shares rose, with Marriott International up 0.8 per cent, Expedia 2.3 per cent and TripAdvisor 1.8 per cent.

AFP