Strong retail sales lift US stocks

By AFP
Published: October 15, 2017
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A trader works on the floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, US. PHOTO: REUTERS

A trader works on the floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, US. PHOTO: REUTERS

NEW YORK: Wall Street stocks finished higher on Friday, with the Nasdaq edging to a fresh record, following data showing strong US retail sales in September. US retail sales jumped 1.6% last month due to strong trade in cars, car parts and fuel following US hurricanes, Commerce Department data showed. “In our view, the American consumer has quite a bit of firepower, even if some of this is being funded by credit,” said Neil Saunders, Managing Director of GlobalData Retail. The Dow Jones Industrial Average finished at 22,871.72, up 0.1%, narrowly missing a record. The broad-based S&P 500 added 0.1% at 2,553.17, while the tech-rich Nasdaq Composite Index advanced 0.2% to 6,605.80, topping Wednesday’s record by about two and a half points.

Published in The Express Tribune, October 15th, 2017.

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