Wall Street closes higher as consumer confidence hits two-year high

0 Comments | AFP, June, 2004

NEW YORK (AFP) — Wall Street closed higher as investors cheered a private report that showed consumers' confidence surged to a two-year high this month, although investor enthusiasim was moderated by the expectation of an imminent rise in US interest rates.

The Dow Jones Industrial Average closed up 56.34 points, or 0.54 percent, at 10,413.43 while the tech-heavy Nasdaq composite finished higher 15.11 points, or 0.75 percent, at 2,034.93.

The broad-market Standard and Poor's 500 index added 2.88 points, or 0.25 percent, to 1,136.23.

Stocks picked up momentum in morning trading after the Conference Board released a monthly report showing consumers' confidence surged to a two-year high in June, driven by a jobs boon and strong economic prospects.

"The...