US stocks advance on modest retail sales gain

New York - Wall Street stocks edged up in opening trade on Tuesday following a report showing modestly higher US retail sales in August.

Five minutes into trade, the Dow Jones Industrial Average was at 16 413.78, up 42.82 points.

The broad-based S&P 500 rose 0.22% to 1 957.42, while the tech-rich Nasdaq Composite Index gained 0.12% to 4 811.74.

US retail sales rose 0.2% in August, boosted by robust auto sales, but slightly below analysts' consensus estimate.

The retail sales report was one of the few remaining US data points ahead of the Federal Reserve's two-day monetary policy meeting that begins on Wednesday. Speculation is divided over whether the Fed will deem the economy strong enough to withstand the first rate hike since 2006.

"Trading volume will likely be on the light side again today as participants adopt a guarded approach ahead of Thursday's rate hike decision," said Briefing.com analyst Patrick O'Hare.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
16.45
-0.6%
Rand - Pound
19.81
-0.1%
Rand - Euro
16.97
+0.4%
Rand - Aus dollar
11.19
+0.4%
Rand - Yen
0.12
-0.6%
Gold
1,804.52
-0.2%
Silver
19.93
-0.3%
Palladium
1,935.03
+0.1%
Platinum
880.26
-0.8%
Brent Crude
113.50
+1.7%
Top 40
60,122
-1.3%
All Share
66,225
-1.2%
Resource 10
61,700
-3.0%
Industrial 25
81,031
-0.3%
Financial 15
14,658
-1.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot