NEW YORK, Oct 15 — Wall Street stocks rose early today following a positive report on American consumer spending, extending a rally as markets shrug off inflation worries.
US retail sales posted a surprise 0.7 per cent increase in September, according to government data, pushed by broad gains that extended beyond gasoline and autos.
The better-than-expected report, coupled with strong earnings from Goldman Sachs, lifted US stocks further after major indices surged more than 1.5 per cent on Thursday.
“The mood of the market has clearly shifted in the past few days” after a lacklustre run that began in early September, said Briefing.com analyst Patrick O’Hare, adding that the trend “reflects a peak inflation view.”
About 15 minutes into trading, the Dow Jones Industrial Average gained 0.7 per cent to 35,148.36.
The broad-based S&P 500 climbed 0.5 per cent to 4,458.87, while the tech-rich Nasdaq Composite Index added 0.2 per cent at 14,859.24.
Among individual companies, Goldman Sachs advanced 1.5 per cent after reporting a 63 per cent jump in third-quarter profits to US$5.3 billion behind robust gains in its financial advisory and trading divisions. — AFP