Stock Rise on Positive Retail Sales Report

Published by: Dave Simmons on 15th Nov 2010 | View all blogs by Dave Simmons
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Stock Rise on Positive Retail Sales Report

A better than expected retail sales report on Monday gave investors confidence, driving US stocks higher.  The Dow Jones industrial average gained 52 points, or 0.5 percent, the tech-heavy Nasdaq climbed 7 points, or 0.3 percent, and the S&P 500 edged up 4 points, or 0.3 percent.

Investors welcomed the news that Caterpillar, the world's largest manufacturer of mining and construction equipment, is planning to acquire another mining equipment maker, Bucyrus International.  A report on retail sales in October also encouraged investors, even as reports on manufacturing and inventories in the New York area came in weaker than had been forecast.

In the meantime, concerns over a sovereign debt crisis were renewed over the weekend, when the Group of 20 meeting of world leaders spoke about the issue.  Ireland's hefty debt remained a sore point, though the country's leaders continue to insist they won't need a bailout.

Stocks ended last week lower, as concerns over the global economy move to center stage.  All three major US stock indexes suffered their worst one-week declines in three months.  A Commerce Department report released before the market opened provided great news for retailers in advance of the holiday shopping season.  Retail sales I October, the report showed, climbed 1.2 percent in October, easily surpassing the 0.6 percent increase which economists had predicted.

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