The Consumer Confidence Index rose from an upwardly revised 51.0 in June to 51.9 in July, above the forecast of a drop to 50.1. The recent drop in oil prices is helping to soften the blow from the soft labor market and the troubles in the housing market.
The Dow Jones Industrial Average jumped 266 points (2.4%) to close at 11,398, the S&P 500 Index advanced 29 points (2.3%) at 1,263, and the Nasdaq Composite surged 55 points (2.5%) to 2,320. On mixed volume, 1.4 billion shares were traded on the NYSE, and 2.3 billion shares were traded on the Nasdaq. Crude oil lost $2.54 to $122.19 per barrel, wholesale gasoline fell $0.06 to $3.01 per gallon, and gold declined $9.00 at $918.70 per ounce.
Magnificent Seven Update
