U.S. stocks open higher after retail sales data

0 Comment(s)Print E-mail Xinhua, October 16, 2020
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NEW YORK, Oct. 16 (Xinhua) -- U.S. stocks opened higher on Friday as Wall Street digested the newly-released monthly retail sales numbers.

Shortly after the opening bell, the Dow Jones Industrial Average rose 137.32 points, or 0.48 percent, to 28,631.52. The S&P 500 was up 12.02 points, or 0.35 percent, to 3,495.36. The Nasdaq Composite Index increased 43.44 points, or 0.37 percent, to 11,757.31.

Nine of the 11 primary S&P 500 sectors traded higher, with industrials up 0.8 percent, leading the gainers. Energy dipped 1.5 percent, the worst-performing group.

The moves came after data showed U.S. retail sales rose more than expected last month.

U.S. retail sales climbed 1.9 percent in September, the Department of Commerce reported on Friday. Economists polled by MarketWatch had forecast a 1.2 percent increase.

"There's a lot of healing in that chart, but the healing process has slowed," Chris Low, chief economist at FHN Financial said in a note, adding "there is still obvious damage in the economy."

On Thursday, Wall Street's major averages suffered their third straight day of losses, their longest losing streak in nearly a month, as investors fretted over the uncertain fate of a U.S. coronavirus stimulus bill. Enditem

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