U.S. stocks rose in choppy trading this Thursday, as strong July retail sales show and Walmart´s upbeat results helped ease some fear about U.S. economy slipping into recession.
Cisco Systems Inc. dropped 6.2% becoming the biggest drag of all three major indexes, after the Dow component blamed the U.S.-China trade ware for poor performance this quarter.
This bounce on Wall Street comes a day after the blue-chip Dow index posted its worst day this year as recession fears gripped the market just after the inversion of the U.S. treasury yield curve for the first time in 12 years.
Considering that the Commerce Department said that retail sales rose 0.7% in July, this shows that the weakest economic data people keep pointing out is coming from outside the U.S., said Randy Frederick, vice president of trading and derivatives for Charles Swab in Austin.
China´s finance ministry said it would retaliate to the latest U.S. tariffs, however a spokeswoman for the ministry said later, “we hope the U.S. will meet China halfway, and implement the consensus of the two of the two countries in Osaka”.
Source:
Amy Caren Daniel (Reuters)
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