US open: Stocks gain after better-than-forecast US data
US stocks jumped after reports showed durable goods and consumer confidence in the world's biggest economy rose more than forecast.
US durable goods surged 22.6% in July, following a 2.7% gain in June, driven by aircraft orders. Analysts had expected an 8% increase.
"Overall, with some producers starting to push up against capacity constraints and loans to businesses rising at a rapid rate, we suspect that investment will prove to be one of the economy's bright spots in the second half of this year," Capital Economics said.
The index for US consumer confidence rose to 92.4 in August from a revised 90.3 in July, surprising analysts who had expected a reading of 89.
However, expectations of the economic outlook fell slightly to 90.9 from 91.9 in July.
"While the expectations index has been volatile in recent years, the present situation index has been steadily trending higher over that time, mirroring improvements in housing and labour markets," Barclays Research said.
"We expect this pattern to continue over the medium term and look for consumer confidence to remain on a broadly upward trend as a result."
A separate report showed US house prises grew more than expected. The house price index climbed 0.4% in June, the same rate as May, beating the forecast for a 0.3% rise.
In corporate news, Tim Hortons advanced after Burger King Worldwide agreed to acquire the company in a C$12.5bn cash-and-share deal.
Premier climbed after predicting full-year profit that exceeded analysts' estimates. The purchasing network also agreed to buy software company Aperek.
Best Buy slumped after posting a sales decline that was lower than forecast.
The 10-year treasury yield was at 2.38%.
West Texas Intermediate crude futures increased 0.87% to $94.17 per barrel, according to the ICE.
RD