Bright Economic Data Gives Impetus to U.S. Stocks, Up the Second Straight Week

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Bright Economic Data Gives Impetus to U.S. Stocks, Up the Second Straight Week
Bright Economic Data Gives Impetus to U.S. Stocks, Up the Second Straight Week

Bright Economic Data Gives Impetus to U.S. Stocks, Up the Second Straight Week

The better than expected growth in the gross domestic production of the U.S. has given impetus to U.S. stocks, which rose for a second straight week. The implications were clear as benchmark indexes reached all-time highs amidst the news that the data from durable goods to housing and employment are up and fueling optimism all around in the U.S. economy.

On the brighter trading day the Standard & Poor’s 500 Index (SPX) was up when it climbed 1.3 percent to 1,841.40 in the holiday-shortened week. However, it breached the records by setting a new record on Dec. 26. Similar pattern was seen in the Dow Jones Industrial Average (INDU) wherein it added 257.27 points, or 1.6 percent, to 16,478.41.

Apple Inc. on a High

Some high-tech companies too were up on Friday. The leader among gainers was Apple Inc. which added 2 percent after striking a deal to sell its iPhone through China Mobile Ltd. The company’s share rose 2 percent to $560.09 and ended six years of negotiations. The deal is being celebrated a lot as it will give both the U.S. phone maker and China Mobile a means to fight declining share in the market.

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Twitter Trying to Explore Further Opportunities

Twitter was another major gainer today as its stocks were up by 6.2 percent amid optimism that the company has room to expand sales in digital advertising. Earlier its IPO was a mega hit and broke the records of Facebook. However, the company is though not in profit, realizes that there is some scope for expansion of its revenue from digital advertising.

In Friday’s trading Twitter’s stocks jumped 6.2 percent to $63.75 which are well above the estimates that were made when it has its IPO. Thus, surging 145 percent since going public from $26 on Nov. 6 this year, Twitter, the micro blogging website is all set to break new records. The ideas are revolutionary as Twitter is trying to market its wares through wireless devices and tie-ins with television programming.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com