Wall Street rises on mixed economic data

08:52, June 12, 2010      

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Led by technology and healthcare stocks, Wall Street rose on Friday as stronger consumer confidence offset weak consumer spending data.

Major indexes opened lower after U.S. retail data unexpectedly fell in May, casting new doubts about the strength and sustainability of the economic rebound.

According to the Commerce Department, retail sales tumbled 1.2 percent, the biggest and first drop since September, as consumers pulled back their spending from cars to clothing, while analysts were expecting a moderate jump.

Consumer spending is closely watched because it accounts for more than 70 percent of economic activity. The decline raised concerns about the strength of the economic recovery in the world' s biggest economy.

In another report, the Commerce Department said business inventories hit a 10-month high in April, while sales were at their highest level since October 2008.

The Thomson Reuters/University of Michigan preliminary index of consumer sentiment increased to 75.5, the highest since January 2008, from 73.6 in the previous month.

Shares of BP rose for the second day on Friday as bargain- hunters helped put the embattled oil giant on a firmer footing.

The Dow Jones industrial average was up 38.54 points, or 0.38 percent, to 10,211.07. The Standard & Poor's 500 index rose 4.76 points, or 0.44 percent, to 1,091.60. The Nasdaq composite index gained 24.89 points, or 1.12 percent, to 2,243.60.



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