Wall Street is flat in trading this afternoon (December 13th), despite the fact retail sales in the US rebounded in November.
This is a sign that steady job creation has boosted consumer spending in the fourth quarter, with the Commerce Department revealing that sales were higher by 0.3 per cent on a month-on-month basis.
Economists polled by Reuters had projected a 0.5 per cent hike, but this level of growth was experienced in the automobile, fuel and building materials sectors.
A rise in overall sales was tempered, however, by a four per cent decline in receipts at petrol stations in the US, which is the biggest drop since December 2008.
The Commerce Department said it received indications from companies that Hurricane Sandy had both a good and bad effect on November's sales data. The storm swept 90mph winds across the Eastern Seaboard at the end of October.
At 16:30 GMT, the Dow Jones Industrial Average retreated by 0.2 per cent – or 29 points – to an index value of 13216.4 points.
Find out about the Dow Jones and the Nasdaq and learn spread betting strategies at City Index.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.