Investing.com - Stock prices rose on Monday after investors applauded a consumer sentiment index even though it came in just shy of expectations.
At the close of U.S. trading, the Dow Jones Industrial Average rose 0.45%, the S&P 500 index rose 0.53%, while the Nasdaq Composite index rose 1.08%.
The Thomson Reuters/University of Michigan's overall consumer sentiment index held at 82.5 in December, unchanged from an initial estimate, though analysts were hoping for the index to climb to 83.0.
Still investors favored stocks over safe-positions such as the greenback on the assumption that even though the consumer-sentiment index missed expectations, it still remains high, especially in wake of improving economic growth, employment, factory and other data.
The Michigan consumer sentiment index stood at 75.1 in November.
Elsewhere, the Bureau of Economic Analysis reported that U.S. personal spending rose 0.5% last month, in line with consensus forecasts. Personal spending for October was revised up to a 0.4% gain from a previously reported increase of 0.3%.
The report also showed personal income rose 0.2% in November, missing expectations for a 0.5% increase, after falling by 0.1% in October.
Stocks also rose on the Federal Reserve's recent announcement that it was trimming its USD85 billion in monthly bond purchases by USD10 billion beginning in January thanks to an improving economy.
Elsewhere, Apple shares advanced after the company said it struck a deal to sell its iPhones in China through China Mobile.
Leading Dow Jones Industrial Average performers included Cisco, up 2.11%, UnitedHealth, up 1.26%, and IBM, up 1.23%.
The Dow Jones Industrial Average's worst performers included Procter & Gamble, down 0.63%, Microsoft, down 0.45%, and Exxon Mobil, down 0.29%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.59%, France's CAC 40 rose 0.51%, while Germany's DAX 30 rose 0.94%. Meanwhile, in the U.K. the FTSE 100 finished up 1.09%.
At the close of U.S. trading, the Dow Jones Industrial Average rose 0.45%, the S&P 500 index rose 0.53%, while the Nasdaq Composite index rose 1.08%.
The Thomson Reuters/University of Michigan's overall consumer sentiment index held at 82.5 in December, unchanged from an initial estimate, though analysts were hoping for the index to climb to 83.0.
Still investors favored stocks over safe-positions such as the greenback on the assumption that even though the consumer-sentiment index missed expectations, it still remains high, especially in wake of improving economic growth, employment, factory and other data.
The Michigan consumer sentiment index stood at 75.1 in November.
Elsewhere, the Bureau of Economic Analysis reported that U.S. personal spending rose 0.5% last month, in line with consensus forecasts. Personal spending for October was revised up to a 0.4% gain from a previously reported increase of 0.3%.
The report also showed personal income rose 0.2% in November, missing expectations for a 0.5% increase, after falling by 0.1% in October.
Stocks also rose on the Federal Reserve's recent announcement that it was trimming its USD85 billion in monthly bond purchases by USD10 billion beginning in January thanks to an improving economy.
Elsewhere, Apple shares advanced after the company said it struck a deal to sell its iPhones in China through China Mobile.
Leading Dow Jones Industrial Average performers included Cisco, up 2.11%, UnitedHealth, up 1.26%, and IBM, up 1.23%.
The Dow Jones Industrial Average's worst performers included Procter & Gamble, down 0.63%, Microsoft, down 0.45%, and Exxon Mobil, down 0.29%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.59%, France's CAC 40 rose 0.51%, while Germany's DAX 30 rose 0.94%. Meanwhile, in the U.K. the FTSE 100 finished up 1.09%.