US: Shares jump on solid US retail sales report
[NEW YORK] US shares jumped in opening trade Friday helped by solid reports on US retail sales and German economic growth, which also helped power a rebound in European stocks.
Five minutes into trade, the Dow Jones Industrial Average was up 115.00 points (0.73 per cent) at 15,775.18.
The S&P 500 added 16.74 (0.92 per cent) at 1,845.82, while the Nasdaq Composite rose 40.69 (0.95 per cent) to 4,307.53.
Despite a sharp drop in spending on gasoline, due to price falls, overall retail sales in the United States rose 0.2 per cent in January, and December's drop was revised upward to a 0.2 per cent gain.
Sales were "stronger than expected, particularly given what should have been a drag on spending from the big East Coast snowstorm," said Jim O'Sullivan of High Frequency Economics.
Meanwhile, data showed the German economy grew by a solid 0.3 per cent in the fourth quarter, supporting hopes that growth in the eurozone economy still has momentum.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Syngenta to withdraw China IPO application on weak market: sources
Chinese firms’ fundraisings in limbo as IPOs scrutinised at home and abroad
Japan FX chief calls yen’s slump unusual, vows to act if needed
Trump’s meme stock is skyrocketing but for how long?
Europe: Stoxx 600 closes second-straight quarter with gains
US: Dow, S&P 500 end at records, adding to Q1 gains