Advance retail sales for January rose 0.5%, compared to the forecast of an increase of 0.3%, while December’s 0.3% decrease was revised to a 0.1% decline. Sales ex-autos increased 0.6%, versus the expectation of an increase of 0.5%.
December business inventories also surprised economists, decreasing 0.2%, compared to the forecast of a 0.2% gain. November’s advance was revised to a slightly higher gain of 0.5% from the previously reported 0.4% rise.
The preliminary University of Michigan’s Consumer Sentiment Index unexpectedly deteriorated, declining from 74.4 in January to 73.7 in February, compared to the increase to 75.0 that economists had expected. More from Bloomberg...
The Dow Jones Industrial Average fell 47 points (0.5%) to close at 10,097, the S&P 500 Index lost 3 points (0.3%) to 1,075, and the Nasdaq Composite increased 6 points (0.3%) to 2,184. Crude oil was $1.03 lower at $74.25 per barrel, and the Bloomberg gold spot price declined $2.30 to $1,093.10 per ounce. For the week, the DJIA gained 0.9%, while the S&P 500 Index increased 0.9%, and the Nasdaq Composite climbed by 2.0%.
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