Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets end higher on upbeat retail sales data


US markets end higher on upbeat retail sales data

Snapping their five-day losing streak, the US markets ended higher on Monday following the release of a report from the Commerce Department showing an unexpected uptick in US retail sales in January. The Commerce Department said retail sales rose by 0.2% in January after tumbling by a revised 1.6% in December. Street had expected retail sales to come in unchanged compared to the 1.2% slump originally reported for the previous month. The rebound in retail sales came despite a substantial decrease in sales by motor vehicle and parts dealers, which nosedived by 2.4% in December after rising by 0.3% in December. Excluding the steep drop in auto sales, retail sales climbed by 0.9% in January after plummeting by a revised 2.1% in December. Ex-auto sales had been expected to increase by 0.3% compared to the 1.8% plunge originally reported for the previous month. The stronger than expected ex-auto sales growth reflected sharp increases in sales by sporting goods, hobby, musical instrument, and book stores and building materials and supplies dealers.

Meanwhile, business inventories in the US increased in line with Street estimates in the month of December, according to a report released by the Commerce Department. The report said business inventories climbed by 0.6% in December, while revised data showed inventories were unchanged in November. Street had expected inventories to increase by 0.6% compared to the 0.1% uptick originally reported for the previous month. Wholesale and retail inventories jumped by 1.1% and 0.9%, respectively, while manufacturing inventories were unchanged. Besides, sentiment also got boost as technology shares rallied, offsetting some of the gloom from Boeing Company's woes after the second deadly crash in about six months involving the company's 737 Max 8 aircraft. Apple shares rose 3.47% after Bank of America Merrill Lynch upgraded the stock to buy from neutral. Bank of America noted the company's recent pullback presents opportunity. The bank also raised its 12-month price target to $210 per share from $180.

Dow Jones Industrial Average surged 200.64 points or 0.79 percent to 25650.88, S&P 500 rose 40.23 points or 1.47 percent to 2783.30 and Nasdaq was up by 149.92 points or 2.02 percent to 7558.06.

Related News

View all news

US markets end lower on Friday

The US markets ended lower on Friday on account of profit booking after yesterday's strong upward move.  Lingering uncertainty about trade talks between the US and China weighed on the markets......

US markets end higher on Thursday

The US markets ended higher on Thursday as a batch of largely upbeat US data offset economic concerns raised by the Federal Reserve no longer forecasting interest rate hikes this year. The Labor Department......

US markets end mostly lower as trade worries flare up again

The US markets ended mostly lower on Tuesday, on reports that US negotiators are concerned that China is pushing back against American demands. Chinese officials are reportedly indicating that the US has......

Top News

View all news

Infosys to enter into agreement with The House Fund II

Infosys is going to enter into an agreement with The House Fund II, L.P., an AI-focused fund targeting startups from the University of California - Berkeley, committing to invest $10.0 million.......

EID Parry receives approval for investment Rs 70 crore in PSRIPL

EID Parry (INDIA) has received approval for investment upto Rs 70 crore in the equity share capital of Parry Sugars Refinery India (PSRIPL), a wholly owned subsidiary of the Company. The Board of directors......

SBI raises Rs 1,251 crore by issuing Basel III-compliant bonds

State Bank of India (SBI) has raised Rs 1,251.30 crore by issuing Basel III-compliant bonds. The Committee of Directors for Capital Raising at its meeting held on 22 March 2019 deliberated and accorded......