US stocks rise again on signs of slowing growth
Wall Street stocks advanced on Wednesday, extending the prior session's rally on benign economic data expected to keep the Federal Reserve from hiking interest rates further. Data on Wednesday showed retail sales fell 0.1 percent in October from the prior month, while wholesale prices declined by 0.5 percent last month from September. The reports both "support the narrative about stable economic growth and disinflation," said Angelo Kourkafas, investment strategist Edward Jones. "We have a type of 'goldilocks' environment," he said. "The market embraces that." The Dow Jones finished up 0.5 percent at 34,991. The S&P 500 advanced 0.2 percent to 4,502, while the Nasdaq added 0.1 percent at 14,103. Wednesday's data come on the heels of Tuesday's consumer price report showing an ebbing in household prices, which added to confidence that the Fed will not raise interest rates further to counter inflation. Among individual companies, Target jumped 16.5 percent despite reporting a drop in third-quarter comparable sales. However, the big-box retailer reported higher profits than expected and pointed to growth in some categories such as beauty products. TJX, parent to TJ Maxx and other chains, fell 3.3 percent on disappointment over its forecast. The company expressed confidence it is "strongly positioned as a shopping destination for gifts this holiday selling season." Nike jumped 2.0 percent as it announced a nine percent rise in its shareholder dividend. (AFP)