The preliminary University of Michigan Consumer Sentiment Index rose from 65.7 in August to 70.2 in September, exceeding the forecast, which called for an advance to 67.5.
The Commerce department said that wholesale inventories fell 1.4% in July, a larger decline than the consensus, which called for a 1.0% drop, and June’s 1.7% decline was revised to a 2.1% decrease.
The Import Price Index rose 2.0% month-over-month for August, more than the expected increase of 1.0% of economists surveyed by Bloomberg. Year-over-year, import prices are still 15.0% lower. Excluding petroleum, the import prices increased a more benign 0.4% in August.
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The Dow Jones Industrial Average fell 22 points (0.2%) to close at 9,605, the S&P 500 Index decreased 1 point (0.1%) to finish at 1,043, and the Nasdaq Composite lost 3 points (0.2%) to 2,081. Crude oil tumbled $2.65 to $69.29 per barrel, and the Bloomberg gold spot price advanced $9.18 to $1,005.78 per ounce. For the week, the DJIA rose 1.8%, the S&P 500 Index climbed 2.6%, and the Nasdaq Composite added 3.1%
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