US midday shares higher on hopes for aggressive Fed
DJIA up 160.05 points (Il Sole 24 Ore Radiocor) - New York, 17 Sep - US shares were trading higher at midday amid growing investor hopes the Federal Reserve Bank could take a more aggressive approach to cutting rates than expected until just recently. According to the CME Fedwatch tool, markets are currently pricing in a 33% chance of a 25-basis-point cut and a 67% chance of a 50-basis-point cut.
On the data front, US retail sales in August, seasonally and workday adjusted, were up 0.1% from the previous month at 710.8 billion dollars and were up 2.1% year on year, according to preliminary data released by the US Census Bureau.
The June to July percent change was revised from up 1.0% to up 1.1%.
US industrial production increased 0.8% month on month in August, beating expectations for a 0.1% rise, according to the Federal Reserve.
Expectations were for a 0.1% rise.
Also, US manufacturing and trade inventories rose 0.4% to 1,880.7 billion dollars in July from a month before, matching economists' expectations.
And US builder confidence for newly built, single-family homes increased to 41 in September from 39 in August, breaking a string of four consecutive monthly declines, and beating forecasts for a reading of 40.
At 1521 GMT, the Dow Jones was gaining 160.05 points, or 0.38%, at 41,782.13 points.
The S&P 500 was 25.65 points, or 0.46%, higher at 5,658.74 points.
The Nasdaq was up 127.41 points, or 0.72%, at 17,719.54 points.
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(RADIOCOR) 17-09-24 17:23:48 (0617) 5 NNNN