Oct 31, 2017

Consumer confidence spurs Wall Street

Wall Street has ended higher, with the Nasdaq at a new record following strong US economic data. US consumer confidence hit a 17-year high in October, while sales of single-family homes rose in September to their highest level in a decade. The technology-focused Nasdaq Composite jumped 0.4% to 6,727.6 points despite a near-10% fall for toy maker Mattel. Chip maker Qualcomm, which is emboiled in a row with Apple, fell 6.7%. The iPhone maker rose 1.4% to a record high after positive reviews of its much-anticipated iPhone X. Mondelez jumped 5.4% after the snack maker reported better-than-expected profits and revenue, while Kellogg surged 6.2% following its first sales increase in more than two years. President Donald Trump is expected to pick Fed Governor Jerome Powell, who is seen as more dovish on interest rates and thus relatively stock market friendly, Reuters reported.

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