Wall Street on the rise, driven by retail sales – Reuters

by Chuck Mikolajczak

NEW YORK (Reuters) – The New York Stock Exchange closed higher Tuesday with the S & P-500 setting a record as Home Depot’s strong quarterly results and a steeper-than-expected rise in retail sales in the United States they reassured consumption. and on the assumption that the Federal Reserve is more aggressive in the face of rising inflation.

The Dow Jones Index gained 0.15%, or 54.77 points, to 36,142.22 points.

The largest S & P-500 gained 18.01 points, or 0.39%, to 4,700.90 points.

The Nasdaq Composite advanced 120.01 points (0.76%) to 15,973.86 points.

Data released today shows that retail sales rose 1.7% in October in the United States, its biggest increase since March and above consensus.

Home Depot posted its biggest daily percentage gain (5.73%) since April 2020 and ended the session at an all-time high after reporting quarterly sales well above expectations.

“It’s a bit of a relief to see that the distribution outlook is still pretty bright,” said Brian Jacobsen, senior strategist at Allspring Global Investments in Menomonee Falls, Wisconsin.

“The outlook is that prices are still rising, but consumer spending is still strong and supply chains are still tight, but we still manage to get products on the shelves,” he said.

Among the major sectors of the S & P-500, the retail sector advanced to a record close for the second consecutive session.

Although Walmart today raised its annual sales and profit forecast, the retail giant ended up in the red, down 2.55% as supply chain woes hurt its margins.

Target and Macy’s are releasing their quarterly results this week as the season draws to a close.

The reassuring data on retail sales helped reassure investors after St. Louis Federal Reserve Chairman James Bullard said he favored a “more restrictive” stance from the Fed.

Tesla advanced for the first time in four sessions, a drop triggered by the sale of billions of dollars in stock by its boss Elon Musk.

(French version Jean Terzian)

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