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Consumer staples lead Wall Street rebound


Saturday, 20 October 2018 00:02 WIB

DOW JONES Standard & Poor's 500Saham ASNasdaq


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U.S. stocks rose broadly on Friday, driven by the consumer staples sector which was helped by Procter & Gamble results, brushing aside growth risk concerns in Europe and political tensions in Saudi Arabia.

Consumer goods bellwether Procter & Gamble (PG.N) reported a surprise rise in first-quarter sales, sending its shares up 6.8 percent and boosting the consumer staples index by 1.8 percent.

The sector, which has largely underperformed the broader S&P 500 this year, was set for its biggest daily gain since June 2016.

At 11:34 a.m. ET the Dow Jones Industrial Average was up 90.67 points, or 0.36 percent, at 25,470.12, the S&P 500 was up 12.99 points, or 0.47 percent, at 2,781.77 and the Nasdaq Composite was up 34.52 points, or 0.46 percent, at 7,519.66.

Reuters


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