The Dow Jones Industrial Average rallied more than 300 points Wednesday morning ahead of consumer and housing data, after stemming a four-day selloff on Tuesday. FedEx (FDX) and Nike (NKE) stock rose sharply in morning trade after the companies delivered earnings results.
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Economic data due out at 10 a.m. ET include consumer confidence and existing-home sales. December’s consumer confidence index will be closely watched after data last week showed a surprise pullback in consumer spending in November. Analysts expect the index to edge higher to a reading of 101.0 vs. November’s 100.2 reading.
Meanwhile, the Econoday consensus number sees November’s existing-home sales falling further, to an annualized rate of 4.20 million vs. October’s 4.43 million. On Tuesday, housing data came in mixed, with housing starts topping estimates and new permits missing consensus targets. Homebuilder stocks have shown recent signs of strength,…
