(Reuters) – U.S. stocks were set to open as much as a third of a percent higher on Friday after data showed retail sales surging by the most in 2-1/2 years, easing doubts over an economy that has been sluggish this year.
Shares in the United States’ second largest bank, Bank of America, also rose 1.12 percent in premarket trading as the lender benefited from higher official interest rates.
Wall - Street - Indexes - Thursday - Investors
All of Wall Street’s main indexes had ended lower on Thursday as investors worried about credit card lending losses in the third quarter at JPMorgan and Citigroup and what that suggested about underlying consumer demand.
Data on Friday also showed consumer prices recorded their biggest increase in eight months in September as gasoline prices soared in the wake of hurricane-related production disruptions.
Core - Inflation - Month - Pressure - Federal
But year-on-year core inflation was unmoved for the fifth month, putting no new pressure on the Federal Reserve to tighten borrowing costs and hamper demand any further.
“The expectations (for earnings) were fairly strong coming into the quarter, and the markets have been very strong,” said Thomas Martin, senior portfolio manager at GlobAlt Investments in Atlanta, Georgia.
Market - Correction - Time - Valuations - People
“The market hasn’t had a correction in a long time and valuations are undeniably high, that’s got people on edge. People are just waiting to see what...
17 other people are viewing this story
Wake Up To Breaking News!