Wall Street rises on mixed economic data

08:52, June 12, 2010      

Email | Print | Subscribe | Comments | Forum 

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.

Source:Xinhua

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Giant red lantern lights up in Tiananmen Square to celebrate the coming National Day on Oct. 1. (Xinhua/Li Xin)
  • A ceremony is held in Taipei, southeast China's Taiwan, on Sept. 28, 2011, to commemorate the 2,562nd birthday of Confucius (551-479 BC), a Chinese thinker, educationist and philosopher. (Xinhua/Wu Ching-teng)
  • The world's first Boeing 787 Dreamliner for delivery arrives at Haneda airport in Tokyo, capital of Japan, on Sept. 28, 2011. The Boeing 787 Dreamliner, whose buyer is All Nippon Airways (ANA), will implement a flight of ANA on Oct. 26 from Tokyo's Narita Airport to Hong Kong in south China. (Xinhua/Ji Chunpeng)
  • A Libyan National Transitional Council (NTC) fighter shows what is believed to be human jawbone found inside a mass grave near Abu Salim prison in Tripoli, Libya, Spet. 27, 2011. The NTC on Sunday said they had found a mass grave containing the bodies of 1,270 people killed by Gaddafi's security forces in a 1996 massacre at Abu Salim prison in southern Tripoli. (Xinhua/Li Muzi)
  • Rescue workers and local residents search for survivors after a building collapsed in old Delhi, India, Sept. 27, 2011. At least 10 people were killed and 35 injured when an old three-storey building collapsed. More than a dozen people are still feared trapped under the debris, police said. (Xinhua/Partha Sarkar)
  • A visitor has flying experience in the windmill castle of Jinshitan National Holiday resort in Dalian, northeast China's Liaoning Province, Sept. 27, 2011. The castle is a 23-meter-high building with 21 meters in diameter. The castle uses wind tunnel to make objects floating in the air. It is the first indoor stadium in China, which enables people to have flying experience. (Xinhua/Zhang Chunlei)
Hot Forum Discussion