Investors got something to cheer about on Friday after the release of strong U.S. consumer data.
 | FRI, OCT 16, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 119.02 | -1.69 | -1.40% | | BA | 167.35 | +3.11 | +1.89% | | MSFT | 219.66 | UNCH | UNCH | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | GE | 7.29 | +0.42 | +6.11% | | AAPL | 119.02 | -1.69 | -1.40% | | BAC | 24.24 | +0.09 | +0.37% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 119.02 | -1.69 | -1.40% | | AAL | 12.46 | +0.23 | +1.88% | | TSLA | 439.67 | -9.21 | -2.05% | |
| |
Investors got something to cheer about on Friday after the release of strong U.S. consumer data. Retail sales jumped 1.9% in September, the Commerce Department said. Economists polled by Dow Jones expected a gain of 0.7%. Excluding autos, the increase was 1.5%, ahead of a 0.4% estimate. Those gains were led by sharp advances in clothing and accessory sales. "The jump in retail sales [last] month suggests consumer strength is pretty robust," said Mike Loewengart, managing director of investment strategy at E-Trade. "The momentum on that front could be a positive for the market as investors look for signs of recovery. That said, it remains to be seen if this is an outlier or trend."  Traders responded positively to the strong data, trading higher for most of Friday's session. The Dow Jones Industrial Average gained more than 100 points and snapped a three-day losing streak. The 30-stock average also posted its third straight weekly gain. However, market volatility is expected to remain high as coronavirus cases in the United States and Europe rise and U.S. lawmakers struggle to move forward on additional fiscal stimulus. Catch The News with Shepard Smith at 7 p.m. ET on CNBC. The nightly newscast provides deep, non-partisan coverage and perspective on the day's most important stories. |
Post a Comment