US shares rise as traders maintain hopes of low rates and recovery

By Elysse Morgan

Global markets rose and Wall Street hit a new record overnight as better than expected US and German data drove confidence on economic growth. The S&P 500 added 0. 3 per cent to close at a record high of 1,992.

The National Association of Realtors figures show existing home sales rose 2. 4 per cent to a ten-month high in July, and factory data by Markit revealed a jump from 55. 8 to 58 in July, which is the highest level since March 2011.

Markets are eagerly awaiting a key-note speech from Federal Reserve chair Janet Yellen tomorrow at the economic gathering in Jackson Hole, Wyoming, where she is expected to give more clues on the outlook for US interest rates.

On commodity markets the spot gold price dropped sharply to $US1,277 an ounce, on speculation the improved data out overnight increases the chances of higher US interest rates.

Read more here: ABC


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