U.S.
shares rallied, with the Standard & Poor’s 500 Index closing at its
highest level in more than two weeks, as retail sales data showed a
resilient consumer before the Federal Reserve decides on Thursday
whether to raise interest rates.
The S&P 500 gained 1.3 percent to 1,978.11 at 4 p.m. in New York, its highest since Aug. 28.
A
report today showed retail sales climbed for a second straight month, a
sign consumers may be looking past recent volatility in financial
markets. Although confidence has taken a hit from stock-market turmoil
and global-growth concerns, the data show households are still putting
their savings from cheap energy to work.
Other
data showed that while consumers are holding up, factories are
struggling. U.S. factory production declined in August by the most since
January 2014 as automakers scaled back after a surge the month before
and a stronger dollar weighed on demand from overseas customers.
Meanwhile,
a quarterly survey said chief executive officers of large U.S.
companies are becoming less optimistic about the prospects for the
world’s largest economy, with more leaders planning to cut capital
spending and employment in the next six months. The Business Roundtable
CEO Economic Outlook Index fell to the lowest level since 2012,
according to results compiled by Bloomberg.
Source : Bloomberg
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