Summary
Stocks fell on Tuesday morning as strong retail sales data again raised the likelihood of a Fed rate hike in December. The Commerce Department said that U.S. retail sales rose 0.7% from the prior month in September, down slightly from 0.8% in August but well above the Reuters consensus forecast of 0.3% growth. Core retail sales, excluding automobiles, gasoline, building materials, and food services, rose 0.6%, up from 0.2% in August. Manufacturing data for September was also stronger than expected. The Federal Reserve said that U.S. manufacturing output rose 0.4% last month, above the consensus of 0.1% growth. On the earnings front, Bank of America posted 10% profit growth in 3Q, helped by higher net interest income, while Goldman Sachs reported a sharp decline in earnings, hurt by write-downs in its consumer lending and real estate businesses. The Dow fell 0.1%, the S&P 0.2%, and the Nasdaq 0.4%. Crude oil rose to $87 per barrel, while gold traded near $1940 per ounce.
Subscribe to Yahoo Finance Plus Essential for full access
Exclusive reports, detailed company profiles, and best-in-class trade insights to take your portfolio to the next level
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email [email protected] Follow our WhatsApp verified Channel
