US stock market rises on consumer confidence, Italy debt plan

11 November 2011 22:10  [Source: ICIS news]

HOUSTON (ICIS)--The US Dow Jones Industrial Average rose 2.2% on Friday as consumer confidence grew unexpectedly and Italy approved a debt reduction plan.

The US stock market ended the day at 12,153.68, up 259.89 points, as the Reuters/University of Michigan Consumer Sentiment survey rose to 64.2, its highest level since June.

In October, the survey was at 60.9.

Additionally, Italy’s Senate approved a debt-reduction plan and paved the way for a new government to take over.

North American chemical stocks followed the rest of the stock market upward.

The Dow Jones US Chemicals Index rose by 2.3%.

Leading the way was butadiene (BD) producer TPC Group, which rose 28.2% on Friday.

US engineering firm Foster Wheeler, specialty chemicals producers Chemtura and Westlake Chemical all rose over 5%.

The only loser for the day was US refiner Valero, which fell 3.3%.

Among the majors, DuPont rose by 2.1%, and Dow Chemical rose 2.9%.

Fertilizer producer PotashCorp dropped by 1.4%, and industrial gases major Praxair fell by 1.7%.

Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy

By: Bobbie Clark
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