After August retail sales came in stronger than anticipated and a subsequent inflation data turned out to be less concerning than anticipated, the Dow Jones Industrial average increased for the first time in three days.
145 points, or 0.4%, were added to the Dow Jones Industrial Average. The Nasdaq Composite increased by roughly 0.5% while the S&P 500 increased by 0.5%.
In August, the producer price index data was hotter than anticipated. It increased by 0.7%, exceeding the 0.4% increase predicted by economists surveyed by Dow Jones. Core PPI grew 0.2%, as predicted, when food and energy were excluded.
Retail sales for August increased by 0.6% as opposed to the 0.1% increase experts had predicted. Retail sales last month increased by 0.6% without include vehicles, exceeding the anticipated 0.4% increase.
In other news, the European Central Bank increased rates on Thursday by the anticipated quarter percentage point, but highlighted that inflation is moderating and that it may be nearing the end of its rate-hiking campaign.
Source (CNBC)
