On Friday, U.S. stocks showed an overall rise, thanks to optimistic retail sales data for July.
Stocks Rise on Friday
On Friday, the stock market opened positively. The Dow Jones Industrial Average climbed by 250 points, or 0.6%, while the S&P 500 increased by 0.3%. The Nasdaq Composite hovered near the flatline.
Retail Sales Data
Fresh economic data showed that retail sales rose by 0.5% in July, in line with expert expectations. Retail sales excluding automobiles increased by 0.3%. Previous month's data was revised up to 0.9%, indicating steady consumer spending amid ongoing worries about the U.S. economy.
Impact on Consumer Market
The stock market reacted to the retail sales report by pushing the S&P 500 and Dow Jones to hit record highs. Analysts note that the surge in retail sales indicates a robust consumer market in the U.S. Additionally, import prices rose in July amid increasing consumer goods prices.
Overall, stock markets display a positive trend, indicating persistent consumer demand in the U.S. and potential for continued growth in the coming weeks.
