Midnight Trader | May 17, 2013 05:00PM ET
U.S. stocks finished higher, posting their fourth consecutive weekly gain, boosted by a rise in consumer attitudes and a much larger-than-expected increase in an index of leading economic indicators.
U.S. consumer sentiment rebounded in early May, with the preliminary reading of the Thomson Reuters/University of Michigan index on consumer sentiment rising to 83.7 from a 76.4 score in April, topping economists' expectations for a 78 reading. It was the highest level for the index since July 2007.
The Conference Board's index of leading indicators jumped 0.6% in April, following a 0.2% decline in March. Economists polled by MarketWatch had forecast a 0.3 increase. Seven of the 10 components of the index expanded, led by housing permits.
Overseas, European markets finished higher, as data showing the European Union market for new passenger cars in April expanded for the first time since September 2011, sparked sentiment that the region's economy may finally be improving.
Commodities finished mixed. A climbing U.S. dollar caused gold to post its seventh down session, shedding $22.20 to finish at $1,364.70 an ounce. Oil futures, meanwhile, were boosted by the strong economic data and rose $0.86 to settle at $96.02 a barrel on the New York Mercantile Exchange.
Here's Where The U.S. Markets Stood At Day's End
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