Wall Street shrugs of weak data

By AFP

Retailer Macy's fell 4. 7 per cent as it trimmed its 2014 forecast for comparable sales growth to 1. 5-2. 0 per cent from the prior range of 2. 5-3. 0 per cent.

US retail sales were virtually unchanged in July from the prior month and excluding the automobile sector, edged up just 0. 1 per cent, the Commerce Department said.

On the earnings front, Deere dropped 0. 9 per cent after the agricultural equipment maker projected a 6 per cent decline in sales for 2014.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

Wall Street stocks have opened higher despite a lacklustre US retail sales report and some disappointing earnings announcements.

Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.

The broad-based S&P 500 rose 8. 38 points, or 0. 43 per cent, to 1,942. 13, while the tech-rich Nasdaq Composite Index rose 19. 50 points, or 0. 44 per cent, to 4,408. 75.

Five minutes into trade on Wednesday, the Dow Jones Industrial Average gained 50. 42 points, or 0. 30 per cent, to 16,610. 96.

Read more here: Business Spectator

    

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