Stock Market Today: Nike Earnings Light Fire Under Stocks

Stocks jumped out of the gate and never looked back as investors sought an encouraging read on consumer confidence. Solid earnings from logistics giant FedEx (FDX (opens in a new tab)) and retailer of athletic footwear and apparel Nike (NKE (opens in a new tab)(e) only added to the day’s positive momentum, with both stocks rising in response to their quarterly results. It was the good news Wall Street had been looking for, and sent the major market indexes significantly higher.

Starting with the economic data, the Conference Board said this morning that consumer confidence increased to 108.3 in December from November’s reading of 101.4. This was the first increase in consumer confidence since September, and the highest reading since April. “The economy is still heading towards a retreatbut the consumer continues to show signs of resiliency that could delay a significant fall in equity,” says Edward Moya, senior market strategist at currency data provider ÓANDA (opens in a new tab).

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