Upward reaction on Wall Street with a boost from retail sales

Get real time updates directly on you device, subscribe now.

Wall Street traded higher on Tuesday, as they narrowed their gains, with investors gaining momentum from retail data today in anticipation of new statements by Federal Reserve Chairman Jerome Powell. .

Retail sales provided an encouraging picture for the economy and helped allay concerns that the rally in inflation would hit consumption. In particular, data released by the US Department of Commerce showed a 0.9% increase in sales in April, following the upward revised rise in March by 1.4% from 0.7% initially. Excluding vehicles and fuel sales, retail sales rose 1% last month.

Analysts’ average estimates in a Bloomberg poll showed an increase of 1% in total sales and 0.7% excluding vehicles and fuel.

The data on the course of industrial production were also positive, strengthening at a strong pace for the third consecutive month in April.

In particular, manufacturing output rose 0.8% after a similar rise in March, according to Fed data. Total industrial production climbed 1.1% in April. Analysts’ average estimates in a Bloomberg poll spoke of a 0.4% increase in manufacturing output and 0.5% of total industrial output.

Indicators – Statistics

On the board, the Dow Jones gained 181.04 points or 0.56% to 32,404.46 points, while the broader S&P 500 added 39.79 points or 0.99% to 4,046.40 points. The technology Nasdaq is up 125.56 points or 1.08% at 11,788.14 points.

Of the 30 stocks that make up the Dow Jones industrial average, 24 are moving with a positive sign and six with a negative. The biggest gainer was JPMorgan Chase with gains of $ 3.29 or 2.78% at $ 121.55, followed by Cisco Systems with gains of 2.53% at $ 50.24 and Dow with 69, $ 55 with an increase of 2.31%.

On the other hand, the three stocks with the biggest losses are Walmart (-8.89%) as the first quarter gains of the retail giant failed to confirm analysts’ estimates, Salesforce (-2.91%) and Coca-Cola (-0.94%).

From the “front” of the results, Home Depot announced profits and revenues for the first quarter that exceeded the estimates of Wall Street analysts.

Citigroup also jumped 5% in the wake of reports that billionaire investor Warren Buffett’s Berkshire Hathaway acquired a nearly $ 3 billion stake in the bank in the first quarter.

On the other hand, Twitter shares are moving in a negative direction after Elon Musk tweeted that the $ 44 billion deal “can not go ahead” without more information about spam bots. The US Securities and Exchange Commission (SEC) remains committed to concluding the deal at $ 54.20 per share.


Source: Capital

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

www xxx xxx video tube freeproncom filmsex hindi xxxvdo xxx hd
buy kamagra buy kamagra online $255 payday loans online same day no denial payday loans direct lenders only