US stocks rise after strong Cyber Monday sales

US stocks rise after strong Cyber Monday sales

New York: US stocks closed higher on as Wall Street mainly cheered on strong sales in the holiday season.

The Dow Jones Industrial Average on Tuesday increased 255.93 points, or 1.09 per cent, to 23,836.71, Xinhua news agency reported.

The S&P 500 rose 25.62 points, or 0.98 per cent, to 2,627.04. The Nasdaq Composite Index was up 33.84 points, or 0.49 per cent, to 6,912.36.

Digital transactions totaled a record $6.59 billion on Monday, the largest online shopping day in the US history, according to Adobe Analytics data released on Tuesday.

Shares of Amazon has been rising about five percent since the holiday season kicked off this year.

Meanwhile, investors also paid close attention on Jerome Powell’s confirmation hearing to become the next Federal Reserve chair.

Powell said on Tuesday that the current regulatory rules on financial institutions are tough enough and he supported easing regulatory burdens on some institutions.

“I think they’re tough enough,” said Powell in his confirmation hearing at the Senate Banking Committee when answering question whether any regulatory rules on financial institutions should be made tougher.

Shares of major banks rallied after Powell’s remarks.

Media reported the Senate Budget Committee approved the Senate’s tax plan on Tuesday, bringing the upper chamber closer to a floor vote.

On the economic front, the S&P CoreLogic Case-Shiller US National Home Price NSA Index reported on Tuesday a 6.2-per cent annual gain in September, up from 5.9 per cent in the previous month.