News24
16 Oct 2020, 23:42 GMT+10
US stocks opened higher on Friday after the government released better-than-expected retail sales data, showing consumers are still spending even without a new stimulus package from the government.
About 30 minutes into trading, the benchmark Dow Jones Industrial Average was up 0.7% at 28 705.01.
The broad-based S&P 500 climbed 0.5% to hit 3 501.86, while the tech-rich Nasdaq rose to 11 785.10, a gain of 0.6%.
US retail sales climbed 1.9% in September, triple expectations, with purchases of cars and parts, clothing and sporting goods increasing dramatically, according to the Commerce Department report released before markets opened.
The data was a reassuring sign of the economy's resilience after key provisions of the $2.2 trillion CARES Act preventing layoffs and providing support to consumers expired in recent months.
Democrats and Republicans have been negotiating on another stimulus package but growing signs that nothing would be approved before the November 3 presidential election has sent indices closing lower in recent days.
"Retail sales for last month far exceeded expectations to add to the economic recovery theme," Charles Schwab analysts said, adding that traders saw "glimmers of optimism" following market close yesterday with news that Treasury Secretary Steven Mnuchin may yield to some Democratic demands on Covid-19 testing to get a stimulus deal passed.
However, separate data from the Federal Reserve showed industrial production in September declining for the first time in five months, losing 0.6% as manufacturing and utilities fell.
Pfizer was up 1.9% after announcing they would seek emergency authorization for their Covid-19 vaccine in late November.
Boeing was up 4.1% after the director of the European Union's aviation safety agency told Bloomberg the grounded 737 MAX aircraft was safe to fly again and could return to the skies by the end of the year.
Get a daily dose of San Jose Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Jose Sun.
More InformationABU DHABI, 3rd July, 2025 (WAM) -- The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and the National Basketball Association...
Washington DC [US], June 30 (ANI): Taylor Swift and Travis Kelce were recently spotted spending quality time together in New York....
Washington [US], June 29 (ANI): Justin Bieber's little bundle of joy, son Jack Blues, who is just 10 months old, seems to be already...
BEIJING, June 28 (Xinhua) -- Here are the latest Chinese sports headlines from the past week: 1. China's Wang Xinyu finishes runner-up...
ESPN's extensive programming surrounding the 2025 college football season kicks off with coverage of conference media days throughout...
ESPN today announced an update to its 2025 Sunday Night Baseball Presented by Capital One schedule. On July 20, the American League-leading...
SAN FRANCISCO, California: Grammarly is doubling down on AI-powered productivity tools with the acquisition of Superhuman, a sleek...
NEW YORK, New York -U.S. stock markets closed with broad gains on Thursday, led by strong performances in U.S. tech stocks, while European...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
PARIS, France: L'Oréal is making a fresh play in the booming premium haircare segment with a new acquisition. The French beauty conglomerate...
MENLO PARK, California: Robinhood is giving European investors a new way to tap into America's most prominent tech names — without...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...