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…
New York — U.S. stocks edged close to their record highs on Friday, as a recent economic report revealed surprisingly weak figures, particularly in consumer spending at retail outlets. The data might keep interest rates low, which Wall Street prefers, but it also heightens concerns about an economic slowdown, especially when inflation remains elevated.
The S&P 500 fell 0.2 percent from its previous all-time high, while the Dow Jones Industrial Average dropped 113 points, or 0.2 percent, by 11:45 a.m. Eastern time. The Nasdaq composite also suffered a 0.5 percent decline.
Following the morning's modest gains, stocks retreated as oil prices surged. Brent crude, a key benchmark, increased by 0.9 percent to $87.88 per barrel due to ongoing concerns regarding the war with Iran and the resumption of oil tanker exports from the Persian Gulf. Economists were taken aback by the latest retail sales report, which showed a decline in spending at U.S. retailers compared to the previous month, exceeding their expectations of continued growth.
This unexpected dip offered a silver lining for financial markets, but it also introduces further uncertainty for investors.
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.
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