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Broad Based Improvements Lead Retail Sales Higher
Retail sales performed much better than forecasts in August, boosted by gains in the auto sector but helped by broad advances too. The report suggests the economy, almost two thirds of which is based on consumption, could see third-quarter GDP grow between 3.0% and 5.0%.rnrnThe headline index climbed 2.7% in August, easily beating predictions for a 2.0% figure.rnrnrn“The upward momentum in retail sales in August was not merely a ‘cash-for-clunkers’ or higher gas price phenomenon,†said analysts at RDQ.
Markets Tepid Ahead of Multiple Data Points
A slow and steady climb from a poor opening helped US equity markets close on a positive note yesterday, with the S&P 500 gaining 0.63% to a new 11-month high. Ninety minutes before Tuesday’s opening bell, traders are hesitant to build on those gains, yet a bulk of data at 8:30 could quickly change that.rnrnThe week’s biggest release, retail sales, will be released alongside the producer price index and the month’s first regional manufacturing index, the Empire State survey. If forecasts are correct, each survey could help investor sentiment. Retail sales should see major gains owing to the cash-for-clunkers program,
Mid-Day Recap: Obama Reflects One Year After Lehman
With no fresh data to trade on, US equity markets took a cue from global exchanges and opened lower this morning. Leading up to the day’s key event, a speech from President Barack Obama on Wall Street, stocks inched towards positive territory, but gains were pared as Obama said some investors were “misreading†the moment and failing to learn lessons from the crisis.rnrn“We will not go back to the days of reckless behavior and unchecked excess at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses,†Obama said at
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