Wall Street holds near its record following latest weak update on US economy
NEW YORK — U.S. stocks are drifting near their record heights Friday following the latest report on the economy to come in surprisingly weak, this time about how much shoppers are spending at retailers. Such data could keep interest rates low, which is something Wall Street loves, but it also raises the risk of a slowing economy when inflation is still high. The S&P 500 slipped 0.2 percent from…
U.S. stocks are inching close to their all-time highs on Friday, following a surprisingly weak economic report concerning consumer spending at retailers. This data could maintain low interest rates, which Wall Street favors, but also heightens the danger of a weakening economy despite persistently high inflation. The S&P 500 fell 0.2% from its previous record high, while the Dow Jones Industrial Average dipped 113 points, or 0.2%, as of 11:45 a.m. Eastern time. The Nasdaq composite experienced a 0.5% decrease.
Stocks retreated from earlier morning gains due to a rise in oil prices. Brent crude prices increased by 0.9% to $87.88 per barrel as doubts remain regarding when the conflict with Iran will permit oil tankers to freely exit the Persian Gulf once more. The report revealing shoppers spent less at U.S. retailers last month than the preceding month also added to market uncertainty.
Economists had anticipated continued growth in consumer spending. However, a potential silver lining for financial markets exists in the form of this modest pullback.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
