US stocks end mostly up after mixed data
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Traders working on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
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NEW YORK - Wall Street stocks finished mostly higher on May 15 following mixed US economic data as markets await further announcement from Washington of trade deals.
Data showed US retail sales were near-flat in the United States in April, while US wholesale inflation unexpectedly fell during the month.
“We’re back into the vacuum where news about trade dominates everything,” said Mr Art Hogan, of B. Riley Wealth Management.
The Dow Jones Industrial Average finished up 0.7 per cent at 42,322.75.
The broad-based S&P 500 gained 0.4 per cent to 5,916.93, while the tech-rich Nasdaq Composite Index fell 0.2 per cent to 19,112.32.
After tumbling in early April following President Donald Trump’s sweeping tariff plan, stocks have been on the upswing in recent weeks as Mr Trump has retreated from some of the most onerous levies while announcing a trade deal with Britain and a deescalation with China.
But Mr Hogan said markets are bracing themselves for a hit to inflation later in 2025 from the overall policy shift to higher tariffs.
Among individual companies, UnitedHealth plunged more than 11 per cent after the Wall Street Journal reported the health giant faces a US criminal investigation for possible Medicare fraud.
UnitedHealth said in a statement it had not been notified by the Justice Department of an investigation and criticised the “deeply irresponsible” article.
Walmart dipped 0.4 per cent as it warned of higher prices due to tariffs, saying the levies were still too high for the company to absorb without passing on to consumers.
Dick’s Sporting Goods dropped 14.6 per cent after announcing a deal to acquire Foot Locker for about US$2.4 billion (S$3.1 billion). Foot Locker surged 85.7 per cent. AFP
