US Stocks Gain As December Auto Sales Surge

NEW YORK, Jan 5 (UrduPoint / Pakistan Point News - 05th Jan, 2017 ) : Shares of automakers surged Wednesday on better-than-expected December auto sales, while retailers and pharmaceutical equities also gained on a good day for US stocks.

General Motors easily topped expectations for December sales and gave a bullish appraisal of auto industry trends, while Ford and others, also bested expectations. GM shot up 5.5 percent and Ford 4.6 percent.

Stocks are gaining on the "combination of improving fundamentals and the prospects of a pro-growth administration," said Art Hogan, chief market strategist at Wunderlich Securities.

The Dow Jones Industrial Average gained 0.3 percent to 19,942.16, taking it back to within striking distance of 20,000 points.

The broad-based S&P 500 rose 0.6 percent to 2,270.75, while the tech-rich Nasdaq Composite Index advanced 0.9 percent to 5,477.00. Retailers were strong on better sentiment about the holiday shopping season, with Best Buy rising 2.4 percent, Williams-Sonoma 1.6 percent, Bed Bath & Beyond 3.0 percent and Wal-Mart Stores 0.6 percent.