Stock Futures Rise On News About Surprise Gains In U.S. Retail Sales (TM)
March 12, 2010 9:39 AM
The Wall Street Journal reports that stock futures rose on Friday after a surprise gain in U.S. retail sales in February. The gain came amid fierce snowstorms, and continued trouble at auto maker Toyota Motor Corp. (ADR) (NYSE: TM).
S&P 500 futures rose 0.4% to 1,150.8 at 8.52 a.m. on Friday in New York, while Down Jones Industrial Average futures rose 0.4% to 10,585, and NASDAQ-100 Index futures rose 0.3% to 1,927.75.
U.S. retail sales rose by 0.3% in February. Economists surveyed by Dow Jones Newswires expected a decline of 0.3% in retail sales in February. Retail sales, excluding the auto sector, rose 0.8%. The rise in retail sales was driven by a surge in electronic store sales. The surge came in despite a harsh weather on the East Coast, and a 2% drop in U.S. car, and parts sales in February.
