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Market Update

Wall Street Rallies 1% on Retail Sales Data as Fed Decision Nears

Author: Nichole Harper
Last Update: 5:04 PM ET September 15 2015

5:00 PM New York City, New York Market indexes on Wall Street advanced more than 1% after August retail sales advanced more than expected indicating that the latest market turbulence had little impact on the consumer. S&P 500 index remained 4% down for 2015.

U.S. stocks advanced on healthy retail sales increase in August and investors turned more optimistic that the Fed may delay the much talked about possible rate hike after the meeting this week.

Retail sales in August adjusted for seasonality and calendar increased 0.2% to $447.7 billion from July and jumped 2.2% from a year ago month.

Total retail sales in three months to August soared 2.2% from a year ago period, the Department of Commerce said.

Separately, the department reported Inventories at the end of July rose 0.1% from June to $1,812.4 billion and jumped 2.6% from a year ago month.

Sales in July increased 0.1% to $1,328 billion from June but declined 2.7% from a year ago month.

August industrial production growth fell to 0.4% from 0.9% increase in July. Manufacturing production slid 0.9%, mining output fell 0.6% and utility output rose 0.6%, Federal Reserve Bank reported.

The reserve bank said total industrial production in August grew 0.9% from a year earlier and capacity utilization for total industry slid to 77.6%.

On Wall Street, Tollbooth Strategy Index increased 74.13 or 0.7% to 10,372.50.

S&P 500 index gained 18.13 or 0.9% to 1,971 and the Nasdaq Composite Index rose 39.63 or 0.8% to 4,845.23.

Crude oil in New York added 73 cents to $44.73 a barrel and gold fell $4.20 to $1,103.50 an ounce.

U.S. Movers

Gray Television, Inc (GTN) surged 13.8% or $1.62 to $13.36 after the broadcasting company agreed to acquire all television and radio stations owned by privately-held Schurz Communications, Inc for about $442.5 million.

GTT Communications Inc (GTT) soared 6.8% or $1.53 to $24.03 after the cloud networking services provider agreed to acquire a data and internet protocol services provider One Source Networks for $175 million.

European Markets

Markets in Europe closed higher but investors remained anxious ahead of the U.S. rate decision on Thursday.

Resource sector linked companies declined after coal and copper prices fell to lows not seen since the financial crisis of 2008-2010.

Glencore, the Switzerland-based commodities giant dropped as much as 9% in trading before recovering after copper and coal prices fell to six-year lows.

In addition, German utilities, E.ON and RWE declined after a report from Spiegel Online reported the companies fell short by as much as 30 billion in reserves to dispose of nuclear waste.

E.ON said the utility has sufficient reserves to deal with the waste disposal and nuclear power closures.

Germany has directed utilities to end nuclear power production and switch to alternative forms of energy.

UK producer prices index for all manufactured products increased 1.8% in August from 1.6% increase in July. Output price rose 0.4% in August from the previous month from 0.1% increase in July.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc