Following the largest drop in benchmark indices in three months, U.S. stocks rose today, thanks to estimate-beating housing and consumer confidence data.
As partial election results from Italy became available today, early gains in U.S. stocks were erased, leading to a day of decline for the American market. Investors expressed concerns over how stable the new Italian government may be.
After several days of downward movement for stocks, German business confidence hit a 10-month high to contribute to an overall advance in today’s U.S. stocks.
Yesterday’s release of minutes from the latest Federal Reserve meeting, which cast doubt on further stimulus action, continued to affect stocks today, contributing to a second straight day of decline.
Today’s release of minutes from the Federal Reserve’s last meeting showed debate regarding the direction of further stimulus action, and investors responded with hesitation, as the S&P 500 fell 1.2%, its biggest drop in more than three months.
Optimism towards dealmaking has raised the S&P 500 to its highest point in five years. “More deals out there do create a good sentiment,” Kevin Divney, chief investment officer at Beaconcrest Capital Management in Boston, said.