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Midday Market Update

U.S. Shares Edge Higher as Consumer Confidence Peaks

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U.S. Markets
U.S. stocks were in the green as The Conference Board released information that the Consumer Confidence Index jumped to 113.7 from a revised 109.4 in November. This is the highest level since 2001, and it implies that consumers are confident about the economy and their personal finances. Dow, S&P 500, and Nasdaq were up 0.20%, 0.38%, and 0.74%, respectively.

Oil prices have been steady as the markets are taking the wait-and-see approach as the OPEC and NOPEC production cut deal goes into effect on Jan. 1. The deal is expected to boost oil prices by lowering the production by about 1.8 million barrels per day. The US benchmark for crude oil futures was trading at around USD 53.69 per barrel.  

Manjul Bhusal Sharma does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.