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September 01, 2020 1:25pm
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Higher close on strong gain in consumer confidence

Strong gain in consumer confidence boosted the markets to a higher close with the Dow soaring 100 points to 21,613. Nasdaq added a point to 6,412.


Michael Kors will acquire Jimmy Choo for approximately $1.2 billion in order to expand its international presence. The American luxury brand has experienced declining sales for the past few years and is closing between 100 to 125 stores. British luxury shoemaker Jimmy Choo reported a 0.8% slip in same store sales in 2016.


The Conference Board reported a sharp gain to its consumer confidence index in July to 121.1 from a reading of 117.3 last month. The July reading is the second highest in 16 years and is attributed to the strong labor market. But, fewer consumers expect their incomes to improve.


The Federal Communications Commission invited internet service providers and technology companies such as AT&T, Facebook and Verizon to testify at a hearing about net neutrality. Current rules prevent providers from throttling access either by slowing websites or speeding sites that are willing to pay a fee. The FCC may reverse net neutrality regulations.


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by more than 4 to 3 on Nasdaq. The broader S&P 500 gained 7 points to 2,477. Bitcoin plunged $144 to $2561.


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