What’s happening On Wednesday, the Dow Jones Industrial Average DJIA, +0.68% rose 236.82 points, or 0.68% to 34814.39, the S&P 500 SPX, +0.85% increased 37.65 points, or 0.85% to 4480.70, and the Nasdaq Composite COMP, +0.82% gained 123.77 points, or 0.82% to 15161.53.
What’s driving markets There’s a big slate of economic data due at 8:30 a.m. Eastern, including the retail sales report, which is expected to show a 0.7% decline for August, after a 1.1% drop in July. Tom Porcelli, chief U.S. economist at RBC Capital Markets, said the report does a better job of capturing goods spending than services. “The consumer is in very fine shape from a balance sheet perspective; thus, they have the means to drive spending,” he said.The debate over the need for booster shots continues, with the Food and Drug Administration saying the currently administered vaccines provide sufficient protection against severe disease and death, while vaccine maker Moderna MRNA, +1.
The rise in European gas prices is starting to be felt, with CF Industries CF, +5.03% saying it will have to shutter its two U.K. plants while natural-gas prices are high.
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