A strengthening labor market and lower gasoline prices mean Americans have extra cash for the holidays. Some economists are forecasting the money will keep flowing into, and out of, consumers’ pockets next year.
Encouraged by the relatively temperate conditions provided by 9 new session lows since the mid-October bearish reverse, Treasury bears had continued to forage instead of taking to their dens for a long winter nap.
Energy companies led gains, with Exxon Mobil Corp. and Chevron Corp. each rising 2.4 percent. LinkedIn Corp. soared 13 percent after third-quarter sales exceeded estimates. GoPro Inc. jumped 13 percent after its prediction for fourth-quarter profit surpassed analysts’ projections.
The Conference Board’s index decreased to 86 this month, weaker than the most pessimistic forecast in a Bloomberg survey of economists, from an August reading of 93.4 that was the strongest since October 2007, the New York-based private research group said today.