Forexpros - Wall Street shares advanced in early afternoon trade Friday, recouping losses following disappointing consumer confidence numbers but encouraged by a rise in U.S. retail sales.
In mid-day U.S. trade, the Dow Jones Industrial Average rose 1.2% to 11,271.44, the Nasdaq Composite Index added 0.78% to 2,512.16, and the S%P 500 advanced 0.81% to 1,182.10.
Earlier Friday, the Census Bureau announced that U.S. core retail sales rose in July to a seasonally adjusted 0.5%, from a revised figure of 0.2% the previous month. Analysts had expected U.S retail sales to rise 0.2% last month.
But putting a damper on the market's mood, the University of Michigan index on consumer sentiment was shown to have dropped to 54.9 from 63.7 in July. The July figure was the lowest reading for the index since May of 1980.
Economists had forecast a reading of 61 for the month.
The sentiment reading covers how consumers view personal finances as well as business and purchasing conditions The UoM Index averaged 87 in the year before the start of the most recent economic slowdown..
Financial issues on Wall Street's failed to garner a boost, following the Friday institution of a ban on short-selling by France, Italy, Spain and Belgium on European bourses.
The ban on short-selling was introduced in an attempt to stem recent volatility in the financial sector, as rumors of a possible French credit rating downgrade circulated throughout the markets earlier in the week.
JP Morgan Chase & Co. was down 1.2% while Bank of America Corp. posted marginal gains, up 0.85% in early afternoon trade.
Walt Disney Co., up 3.5%, and Caterpillar Inc., higher by 3.5%, led gainers among Dow Components.
Leading retailer Nordstrom Inc. surged 5.6% as the department store reported second-quarter earnings above market expectations.
Figures on U.S. industrial production for July were due out next week from the Federal Reserve Board.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.