US: Stocks mostly up after deluge of economic data

[NEW YORK] Wall Street stocks finished mostly higher on Wednesday following a heavy load of mostly solid economic data while some leading retail firms plunged on disappointing results.

The deluge of economic releases ahead of Thursday's Thanksgiving holiday showed jobless claims hitting their lowest level since 1969, while consumer income and spending both rose more than expected.

Not all of the reports were great. New home sales lagged expectations, while durable goods orders fell. Minutes from the last Federal Reserve meeting highlighted rising worries about inflation.

But analysts saw signs of progress overall.

"As we look forward to Thanksgiving, there is much to be thankful for in this fiscally-stimulated recovery," said a note from Oxford Economics.

"Still, the recovery process isn't complete, with spending on services well below its pre-pandemic trend, and the transition from public- to private-driven growth will be delicate."

The broad-based S&P 500 gained 0.2 per cent to 4,701.46, just a few points shy of an all-time record.

The tech-rich Nasdaq Composite Index gained 0.4 per cent to 15,845.22, while the Dow Jones Industrial Average lost less than 0.1 per cent at 35,804.38.

Markets are looking ahead to the upcoming holiday shopping season, which begins with Friday's "Black Friday" sales.

But shares of Gap and Nordstrom plunged more than 20 per cent following poor results.

Both retailers pointed to supply chain difficulties that cut into sales, disappointing investors who compared the reports unfavorably to other chains that had boosted inventories despite the challenges.

Deere & Company rose 5.3 per cent after reporting a 19 per cent jump in quarterly profits despite a strike that was resolved earlier this week after more than a month.

AFP