US stocks advance, shrugging off weak retail sales data
Sign up now: Get ST's newsletters delivered to your inbox
Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
NEW YORK - Wall Street stocks climbed again on Feb 15, shrugging off weak retail sales data as investor bullishness lifted the market.
The Commerce Department reported a bigger than expected 0.8 per cent decline in January retail sales, a pullback after the holiday season. Auto sales and gas prices also bogged down the overall performance.
Stocks were pressured in the early going, but “people woke up in the afternoon and saw the way things were moving and went with that trend,” said Mr Art Hogan, of B. Riley Wealth Management.
The Dow Jones Industrial Average finished up 0.9 per cent at 38,773.12.
The broad-based S&P 500 gained 0.6 per cent to 5,029.73, while the tech-rich Nasdaq Composite Index added 0.3 per cent at 15,906.17.
Mr Hogan said the market’s upswing on Feb 14 and 15 essentially brought it back to its level prior to a sell-off after the Feb 13 inflation report.
Oil producers Chevron and Apache jumped 3.4 per cent and 4.9 per cent respectively as crude prices advanced amid rising Middle East tensions.
Cisco Systems shares fell 2.4 per cent as it became the latest tech giant to announce job cuts. The company will eliminate about 5 per cent of its workforce, or around 4,000 jobs.
Deere & Company fell 5.2 per cent as it offered a sober view on 2024 industry conditions and its company outlook, projecting lower net sales in each of its three business units.
Digital World Acquisition Corp surged 16.1 per cent after US securities regulators approved its merger proposal with Trump Media and Technology. This is a step towards completion of the long-outstanding deal involving the former president and current presidential candidate.
The transaction still must win shareholder support. AFP
