NEW YORK, May 17 — Wall Street stocks rose early today following a solid US retail sales report, even as Dow member Walmart tumbled following disappointing earnings.
US retail sales rose 0.9 per cent in April as auto sales rebounded and categories such as electronics, home furnishings and restaurants saw strong gains. The report suggested the continued strength of the American consumer, although some of the gains also went to higher prices for gasoline and other staples.
“The key takeaway from the report, which is not adjusted for inflation, is that higher pricing helped in the sales growth, yet spending increased across most discretionary categories,” said Briefing.com analyst Patrick O’Hare.The broad-based S&P 500 gained 1.4 per cent to 4,063.52, while the tech-rich Nasdaq Composite Index jumped 2.3 per cent to 11,926.29.
Walmart slid more than eight per cent as it reported a 25 per cent drop in quarterly profits to US$2.1 billion due to higher costs for labour, food and fuel. — AFP
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