Stocks turned positive in midday trading on Tuesday after retail sales data smashed expectations and earnings season picked up steam.) inched 0.3% higher, or about 100 points, after falling roughly 130 points at the open. Contracts on the benchmark S&P 500 jumped roughly 12 basis points to trade around 4.83%. The 10-year yield hit a 16-year high of 4.89% on Oct. 6.Retail sales rose 0.7% in September from the previous month, more than double Wall Street's estimates for 0.
"We’re not looking for a decrease in consumer spending," Powell said on September."It’s a good thing that the economy’s strong...If the economy comes in stronger than expected, that just means we’ll have to do more in terms of monetary policy to get back to 2 percent —because we will get back to 2 percent."
“Today’s strong report along with a recent string of positive economic surprises suggest the economy carried more momentum than previously thought over the summer," EY-Parthenon Senior Economist Lydia Boussour wrote in a research note on Tuesday.This will keep the Federal Reserve on high inflation alert, and though it won’t tilt the Federal Open Market Committee toward another fed funds rate hike at the November meeting, the December meeting will very much remain a ‘live’ one.
It reported earnings of $7.8 billion and revenue of $25.2 billion, which was up 3% from a year ago. Its net interest income, which measures the difference between what it makes on its loans and pays for its deposits, rose 4% year over year. New data from the Commerce Department released Monday showed retail sales rose 0.7% in September from the previous month, more than double Wall Street's estimates for 0.3% growth. Sales excluding auto and gas increased 0.6%, above estimates for a 0.1% increase compiled by Bloomberg. Meanwhile, August's sales were revised up to 0.8% from a previously reported 0.6% increase.
Highlights:NAK23-12 returned 900 m @ 0.50% Copper Equivalent from surface in the North Copper Zone, including 540 m @ 0.61% CuEq from 344 mCopper contributed over 70% of the CuEq calculation, averaging 0.35% Copper throughout the 900-metre interceptNAK23-12 affirms that the North Zone, like the South Copper-Gold Zone hosts broad and continuous mineralization. Drill hole ended in strong mineralization, measuring 3 m of 1% CuEq six metres from the end of ...
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