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  3. US markets end higher after positive retail data

US markets end higher after positive retail data

17 Nov 2021 Evaluate

The US markets ended higher on Tuesday on upbeat US economic data, including a Commerce Department report showing retail sales shot up by more than expected in the month of October. The report said retail sales spiked by 1.7 percent in October after climbing by an upwardly revised 0.8 percent in September. Street had expected retail sales to jump by 1.4 percent compared to the 0.7 percent increase originally reported for the previous month. Excluding sales by motor vehicles and parts dealers, retail sales still surged up by 1.7 percent in October after rising by 0.7 percent in September. Ex-auto sales were expected to advance by 1.0 percent.

Further, support also came in as the Federal Reserve also released a report showing industrial production rebounded by much more than expected in the month of October. The report showed industrial production surged up by 1.6 percent in October after tumbling by 1.3 percent in September. Street had expected industrial production to increase by 0.7 percent. The Fed said about half of the rebound in industrial production in October reflected a recovery from the effects of Hurricane Ida. On the sectoral front, Semiconductor stocks moved sharply higher over the course of the session, driving the Philadelphia Semiconductor Index up by 1.7 percent to a new record closing high. Considerable strength was also visible among housing stocks, as reflected by the 1.4 percent gain posted by the Philadelphia Housing Sector Index.

Dow Jones Industrial Average rose 54.77 points or 0.15 percent to 36,142.22, Nasdaq surged 120.01 points or 0.76 percent to 15,973.86 and S&P 500 was up by 18.1 points or 0.39 to 4,700.9.


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