Off the wire
• U.S. stocks rally on upbeat data, surging oil  • Huawei unveils strategy, ICT solutions at Barcelona Smart City expo  • Food production in Syria reaches record low, UN agency says  • UNICEF makes venture capital investments in emerging market tech start-ups  • Algiers hosts 5+5 Defense Initiative meeting  • British FTSE 100 rises 0.59 pct on Tuesday  • Over 56,000 people uprooted by military operations to take Iraqi city of Mosul: UN relief wing  • Slovak minister says general asylum in EU countries main mistake  • Austrian Greens-backed candidate kicks off presidential campaign in Vienna  • 1st LD Writethru: Paul Ryan continue as U.S. Speaker after voting among Congress Republicans  
You are here: 　 Home

U.S. stocks rally on upbeat data, surging oil

Xinhua, November 16, 2016 Adjust font size:

U.S. stocks ticked up Tuesday, with the Dow Jones Industrial Average extending its record run to a fourth straight day, as investors cheered over positive economic data amid jumping oil.

The Dow Jones Industrial Average rose 54.37 points, or 0.29 percent, to 18,923.06. The S&P 500 added 16.19 points, or 0.75 percent, to 2,180.39. The Nasdaq Composite Index jumped 57.23 points, or 1.10 percent, to 5,275.62.

The U.S. Commerce Department announced Tuesday that advance estimates of U.S. retail and food services sales for October increased 0.8 percent from the previous month to 465.9 billion dollars, beating market estimates of 0.6 percent.

"Consumers are back. Retail sales barely increased in July and August, but September was revised from tepid to solid and October was gangbusters. It hardly needs saying, but this report solidifies the Fed's case for a December rate hike," said Chris Low, chief economist at FTN financial.

Meanwhile, U.S. import prices advanced 0.5 percent in October, after a 0.2 percent increase in September, the Labor Department reported Tuesday. The price index for U.S. exports increased 0.2 percent in October following a 0.3-percent advance the previous month.

A strong rebound in oil prices also provided upward jolts to the stock markets. Oil prices spiked Tuesday after three sessions of losses, with both U.S. oil and Brent crude soaring nearly 6 percent, as the market saw an increasing chance for the Organization of Petroleum Exporting Countries to reach an output freeze deal by the end of this month.

Lifted by the surging oil, the energy sector leapt 2.68 percent Tuesday as the biggest advancer in the S&P 500's ten sectors. Enditem