US stocks rise after retail data, extending rally
Wall Street stocks climbed early on Wednesday, extending a rally as newly released government data suggested the US economy is moderating in a way that could avert a recession. 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 "conveyed more of a soft landing outlook for the economy," said Briefing.com analyst Patrick O'Hare. About 10 minutes into trading, the Dow Jones was up 0.3 percent at 34,922. The S&P 500 gained 0.3 percent to 4,510, while the Nasdaq advanced 0.4 percent to 14,154. Wednesday's data come on the heels of Tuesday's benign consumer price report, which added to confidence that the Federal Reserve 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. (AFP)