U.S. stocks turn higher amid global trade prospects, economic data

0 Comment(s)Print E-mail Xinhua, May 16, 2019
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NEW YORK, May 15 (Xinhua) -- U.S. stocks traded higher on Wednesday as investors closely monitored the latest development of global trade and digested a batch of major economic data.

At midday, the Dow Jones Industrial Average added 131 points, or 0.51 percent, to 25,663.05, while the S&P 500 gained 17.67 points, or 0.62 percent, to 2,852.08, and the Nasdaq Composite Index increased 75.19 points, or 0.97 percent, to 7,809.68.

Bloomberg reported that the Trump administration is poised to delay auto tariffs decision by up to six months to avoid blowing up negotiations with the European Union and Japan.

Stocks rose on the news, paring earlier losses.

On the economic front, the release of weaker-than-expected economic data stoked fears that the worsening global trade prospect would hamper global economic growth.

U.S. retail sales fell 0.2 percent in April, led down by soft sales of autos and building materials, the Commerce Department said Wednesday. The figure is lower than the 0.2 percent-increase estimated by economists polled by Dow Jones.

Analysts said the data suggested consumer spending was sluggish at the beginning of the second quarter.

Meanwhile, the National Association of Home Builders/Wells Fargo Housing Market Index rose to 66 in May. It was the index's highest reading in more than half a year, but still fell short of last May's level of 70. Enditem

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