Currently, the major are posting moderate gains, not far off their highs for the young session. The Dow is up 67.77 points or 0.4% at 17,050.46, the Nasdaq is up 22.23 points or 0.5% at 4,467.13 and the S&P 500 is up 5.22 points or 0.3% at 1,984.13.
The early strength on
Economists had been expecting the index to inch up to a reading of 85.4 from the 85.2 originally reported for the previous month.
With the much bigger than expected increase, the consumer confidence index reached its highest level since hitting 95.2 in October of 2007.
The markets have also reacted positively to the latest batch of earnings news, with drug giant Merck (MRK) moving notably higher after reporting better than expected second quarter results.
Nonetheless, trading activity has remained somewhat subdued as traders look ahead to the Federal Reserve's announcement of its latest monetary policy decision on Wednesday.
The Fed is widely expected to announce another
Traders are likely to pay close attention to the Fed's accompanying statement, looking for indications regarding the outlook for interest rates.
Telecom, biotechnology, and housing stocks have moved significantly higher in early trading, while most of the other major sectors are showing only modest moves.
In overseas trading, stock markets across the
The major European markets have also moved to the upside on the day. While the
In the bond market, treasuries have given back ground after an early upward move but continue to see modest strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.7 basis points at 2.474%.
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