Stocks Finish Higher on Promising Economic Data
Meantime, consumer confidence improved to 72.2 in October, which was up from 68.4 in September, but was a little softer than the 74 reading analysts expected.
Nonfarm business productivity for the third quarter increased 1.9% as the second-quarter number was revised upward to 2.2%, which was in step with the revision to gross domestic product. Labor costs dipped 0.1%; the consensus was for a 1.2% increase, according to Econoday.
The FTSE 100 in London jumped 1.37%, helped in part by Shell's earnings, while the DAX in Germany closed up 1.03%. Asian markets received a jolt after China's October manufacturing PMI reading reached an eight-month high of 49.5, which was up from a prior month 47.9 and beat the 49.1 consensus among economists polled by Econoday.
Japan's Nikkei average rose 0.21% overnight to close at 8947. Hong Kong's Hang Seng rose 0.83% to 21,821.Gold for December delivery shed $3.60 to settle at $1,715.50 an ounce at the Comex division of the New York Mercantile Exchange, while December crude oil contracts closed up 85 cents to $87.09 a barrel. The benchmark 10-year Treasury dipped 8/32, boosting the yield to 1.725%. The dollar was up 0.10%, according to the
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