US: S&P 500, Dow gain as upbeat retail sales offset recession fears

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[NEW YORK] The S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions. Read more at The Business Times.

[NEW YORK] The S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.

Other economic data was less sanguine. Manufacturing output shrank more than expected in July, according to the US Federal Reserve, and new claims for unemployment benefits came in above economist forecasts. Impending US tariffs weighed on Cisco Systems, which plunged 8.6 per cent after reporting a 25 per cent drop in China sales and set sales and revenue forecasts well below analyst estimates.

Of the 11 major sectors of the S&P 500, six closed the day in positive territory, with consumer staples enjoying the largest percentage gain.

 

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