New York: U.S. stocks became mixed as investors went through the country’s monthly retail sales.
On Friday, the Dow Jones Industrial Average rose 112.11 points, or 0.39 percent, to 28,606.31. The S&P 500 rose 0.47 points, or 0.01 percent, to 3,483.81. The Nasdaq Composite Index fell 42.32 points, or 0.36 percent, to 11,671.56, Xinhua News Agency reported.
Seven of the 11 primary S&P 500 sectors ended higher, with utilities up 1.08 percent, leading the way. Energy fell by 2.3 percent, the group that performed the weakest.
US-listed Chinese companies mostly traded higher, with eight of the top ten stocks by weight in the S&P-listed China 50 index closing the day on a positive note.
The move comes after data showed U.S. retail sales rose more than expected last month.
U.S. retail sales rose 1.9 percent in September, the Department of Commerce reported Friday. Economists surveyed by MarketWatch predicted a 1.2 percent increase.
“There is a lot of healing in the chart, but the healing process has slowed down,” said Chris Low, chief economist at FHN Financial, in a comment, adding, “there is still obvious damage to the economy.”
On Thursday, Wall Street’s biggest averages suffered their third consecutive losing day, their longest losing streak in nearly a month, as investors were worried about the uncertain fate of a US. coronavirus stimulus account.
“The volatility in the market will continue in the coming weeks as investors focus on a number of uncertainties, including the timing of vaccine availability, the size and timing of additional U.S. fiscal stimulus and the outcome of the election,” he said. Mark Haefele, chief investment officer, told UBS Global Wealth Management.
Source: Telangana Today