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 Vietnam Tribune 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 Vietnam Tribune.
More InformationWashington DC [US], July 10 (ANI): US President Donald Trump has once again strongly criticised the withdrawal of American troops from...
Balochistan [Pakistan], July 10 (ANI): Five people, including women and children, were injured on Wednesday after a grenade attack...
Balochistan [Pakistan], July 10 (ANI): A series of coordinated attacks and explosions rocked multiple government installations across...
(250710) -- BANGLADESH, July 10, 2025 (Xinhua) -- Chowdhury Ashik Mahmud Bin Harun, executive chairman of Bangladesh Investment Development...
New Delhi [India], July 10 (ANI): Ambassador of India to Argentina, Ajaneesh Kumar of the Indian Foreign Service (IFS) Batch of 1996,...
ABU DHABI, 10th July, 2025 (WAM) -- Abu Dhabi Fund for Development (ADFD) has signed a financing agreement with the Government of Lao...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...