U.S. stocks rose in value on July 26, as global market participants were impacted by news that the consumer confidence of Americans surged for the month.
The benchmark S&P 500 Index rose 0.1 percent to finish the day at 1,691.60 at 4 p.m. in New York, according to Bloomberg. The losses and gains that the group of stocks has experienced in the last several trading sessions have left if almost entirely flat for the week.
The data indicating the increase in consumer confidence was provided by the University of Michigan, which indicated that in July, its final reading of consumer sentiment was 85.1, The Associated Press reports. This figure represents a 13-point increase from one year in the past.
The sentiment of these consumers is a highly-visible leading indicator, since consumption accounts for 70 percent of gross domestic product, according to the media outlet. The survey data indicated widespread optimism among these individuals, as it indicated that a large fraction of respondents believe that their home values will rise, and their incomes will gain.
Going forward, these investors will be paying close attention to corporate financial reporting, including earnings, Bloomberg reports.
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