US stocks rally following solid April retail sales data | Malay Mail

  • 📰 malaymail
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 86%

United States News News

United States United States Latest News,United States United States Headlines

NEW YORK, May 17 — Wall Street stocks rose early today following a solid US retail sales report, even as Dow member Walmart tumbled following disappointing earnings. US retail sales rose 0.9 per cent in April as auto sales rebounded and categories such as electronics, home furnishings and...

NEW YORK, May 17 — Wall Street stocks rose early today following a solid US retail sales report, even as Dow member Walmart tumbled following disappointing earnings.

US retail sales rose 0.9 per cent in April as auto sales rebounded and categories such as electronics, home furnishings and restaurants saw strong gains. The report suggested the continued strength of the American consumer, although some of the gains also went to higher prices for gasoline and other staples.

“The key takeaway from the report, which is not adjusted for inflation, is that higher pricing helped in the sales growth, yet spending increased across most discretionary categories,” said Briefing.com analyst Patrick O’Hare.The broad-based S&P 500 gained 1.4 per cent to 4,063.52, while the tech-rich Nasdaq Composite Index jumped 2.3 per cent to 11,926.29.

Walmart slid more than eight per cent as it reported a 25 per cent drop in quarterly profits to US$2.1 billion due to higher costs for labour, food and fuel. — AFP

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Billionaire Gautam Adani in US$10.5b deal for Holcim India cement business | Malay MailMUMBAI, May 16 — Indian billionaire Gautam Adani struck a US$10.5 billion (RM46.18 billion) deal to buy Swiss cement giant Holcim’s local business, the companies said, betting on a construction boom predicted in coming decades. In his biggest acquisition to date, the deal will give...
Source: malaymail - 🏆 1. / 86 Read more »