Stocks shook off a round of lousy economic news to finish in positive territory for the eighth time in nine days.
a.m ET, August retail sales were reported. The headline number rose 0.2%, coming in well below the consensus of 0.5%. Excluding autos, sales were up 0.1%, missing the 0.3% gain Wall Street economists had forecast.
August PPI was also reported at 8:30 a.m. ET, rising 0.3%, just above the 0.2% consensus and up from July's flat reading. However, excluding food and energy, PPI was unchanged versus the expectations of a 0.1% rise.
We then received the September University of Michigan Consumer Sentiment Survey, which missed expectations by a wide margin at 76.8. Finally, it was reported that July business inventories were up 0.4% in July, beating forecasts.
After a short-lived dip down to 1682.22, the S&P 500 (INDEXSP:.INX)
rallied to finish at 1687.99, up 0.3% on the day, despite an ugly performance by market-cap leader Apple
(NASDAQ:AAPL), which continued its slide.
Some market participants believe that the stock rebound may be the result of reduced expectations for Fed tapering of QE, but it was a low-volume day without much news, so it's difficult to draw any conclusions.
On the Fed front, the Japanese newspaper Nikkei
said overnight that President Obama would nominate Larry Summers as Fed Chairman, although the White House later said that the report was untrue.
Tomorrow's Financial Outlook
On Monday, we'll have some important economic numbers on tap.
At 8:30 a.m. ET, the September Empire Manufacturing Index will be reported. The consensus is for a reading of 9.0. At 9:15 a.m. ET, we will see industrial production and capacity utilization for August, with Wall Street forecasting 0.4% and 77.9% for these numbers, respectively.
There are no earnings reports on the calendar.
No positions in stocks mentioned.
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