US shares open higher amid hopes for 0.5 pct pt Fed rate cut
DJIA up 0.26% (Il Sole 24 Ore Radiocor) - New York , 17 Sep - US shares opened higher 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.
Just after the opening bell the Dow Jones was up 108.39 points, or 0.26%, at 41,730.47, the S&P 500 was up 20.40 points, or 0.36%, at 5,653.49, while the Nasdaq was up 122.07 points, or 0.69%, at 17,714.20.
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(RADIOCOR) 17-09-24 15:43:33 (0549) 5 NNNN