Wall Street rises driven by results from Nike and FedEx

The main stock indices of Wall Street went up on Wednesday, after Nike y Fedex They will present optimistic results, in addition to the improvement in consumer confidence and a drop in inflation expectations.

The consumer confidence The US picked up in December as inflation receded and the labor market remained strong, while 12-month inflation expectations fell to 6.7%, its lowest since September of last year.

Shares of Nike Inc soared after beating second-quarter earnings expectations on strong Christmas demand from North American shoppers.

For his part, FedEx closed with a profit and shares of cruise operator Carnival Corp. jumped after it posted a lower-than-expected quarterly loss.

“We’re seeing a broad rally. It’s been helped by upbeat corporate data and improving consumer confidence,” said Angelo Kourkafas, investment strategist at Edward Jones in St. Louis, referring to Nike and FedEx.

The Dow Jones Industrial Average rose 526.74 points, 1.60%, to 33,376.48 units; the index S&P 500 gained 56.82 points, or 1.49%, to 3,878.44 units; and the Nasdaq Composite it rose 162.26 points, or 1.54%, to 10,709.37 units.

Still, data also showed US existing home sales fell 7.7% to a two-and-a-half-year low in November as the housing market was hit by higher mortgage rates. But the data may be fueling investor hope that the Fed may ease its tightening.

Fears of a recession following prolonged interest rate hikes by the US central bank have weighed heavily on stocks and these fears have put the S&P on track for its biggest annual drop since 2008 and a drop in December.

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