Markets Open Slightly Up on Retail Sales News
Wall Street opened up slightly this morning, following better-than-expected August retail news.
In the first 15 minutes of trading, the Dow is up about one-quarter of 1 percent.
The broader S&P 500 is up about the same and the tech-heavy Nasdaq is up about one-third of 1 percent.
The Commerce Department reported this morning that August retail sales jumped 2.7 percent, better than the 2 percent forecast. However, if you strip out the government-goosed Cash for Clunkers program, retail sales rose a more modest 1.1 percent.
At 10 a.m., the Commerce Department releases its July inventory numbers, which are expected to have gone down for the 11th straight month. Inventory reduction is an important part of any economic recovery: Manufacturing won't pick up again in any appreciable way until inventory gets burned off.
President Obama is in Pittsburgh today and will talk to workers at a GM plant.
-- Frank Ahrens
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September 15, 2009; 9:54 AM ET
Categories: The Ticker | Tags: Dow Jones, nasdaq, s&p 500
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