Stocks and futures rise on Italy vote and consumer confidence report
Friday, November 11, 2011
U.S. equity and futures markets rose on November 11 amid an Italian vote passing austerity measures and a better-than-expected consumer confidence report.
The Dow Jones Industrial Average increased 2.2 percent to reach 12,158.72 in afternoon trading and the S and P 500 index had risen 2 percent to reach 1,264.29, Bloomberg reports. The Russell 2000 index increased 2.4 percent.
Dow Jones industrial average futures rose 78 points in morning trading and futures for the S and P increased 9.2 points, according to Reuters. NASDAQ 100 futures increased 13.5 points.
All 10 components of the S and P 500 Index appreciated and 490 stocks recorded gains, Bloomberg reports. Shares of Walt Disney Co. surged 6.6 percent as the company reported a 30 percent increase in profit, which beat the estimates of analysts.
Phillip Orlando, chief equity market strategist of Federated Investors Inc., told the media outlet that "the expectation was that Italy and Greece were going out of business. That was overdone. We’re going to see some necessary austerity measures put in place."
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