Investing.com – U.S. stocks advanced after the open on Tuesday, as better-than-expected data on retail sales and producer price inflation boosted market sentiment ahead of a meeting of Federal Reserve monetary policy makers.
During early U.S. trade, the Dow Jones Industrial Average rose 0.34%; the S&P 500 index climbed 0.22%, while the Nasdaq Composite index added 0.31%.
Earlier in the day, official data showed that both producer price inflation and core producer price inflation rose more-than-expected in November, while a separate report said U.S. retail sales rose more-than-expected in November, while core retail sales, which exclude automobile sales, also rose significantly more-than-expected.
Shares in global consumer products company Proctor & Gamble jumped 0.84%, shares in the fourth-largest U.S. retailer Target saw shares gain 0.71%, while rivals Wal-Mart saw shares rise 0.54%.
But shares in the world’s largest consumer electronics retailer Best Buy tumbled 14.27% after it said fiscal third quarter profit fell by 4% to USD 217 million. The company said that sales in the quarter totaled USD 11.9 billion, falling short of analyst expectations for sales of USD 12.02 billion.
Elsewhere, shares in the financial sector were mixed ahead of the Federal Reserve’s Open Market Committee meeting later in the day. Shares in the largest U.S. lender Bank of America jumped 0.96%, while rivals JP Morgan-Chase saw shares tumble 0.75%.
Meanwhile, shares in the world’s largest biotechnology firm Amgen surged 4.81% after a study showed that the company’s prostate cancer drug, Xgeva, helped prostate cancer patients live longer without the disease spreading to their bones.
Elsewhere, pharmaceutical giant Pfizer saw shares climb 0.64% after the company named board member George Lorch as nonexecutive chairman, a week after its chairman and chief executive abruptly departed.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 fell 0.14%, France’s CAC 40 shed 0.10%, Germany's DAX declined 0.21%, while Britain's FTSE 100 gained 0.19%.
Later in the day, the Federal Reserve was to announce its federal funds rate.
During early U.S. trade, the Dow Jones Industrial Average rose 0.34%; the S&P 500 index climbed 0.22%, while the Nasdaq Composite index added 0.31%.
Earlier in the day, official data showed that both producer price inflation and core producer price inflation rose more-than-expected in November, while a separate report said U.S. retail sales rose more-than-expected in November, while core retail sales, which exclude automobile sales, also rose significantly more-than-expected.
Shares in global consumer products company Proctor & Gamble jumped 0.84%, shares in the fourth-largest U.S. retailer Target saw shares gain 0.71%, while rivals Wal-Mart saw shares rise 0.54%.
But shares in the world’s largest consumer electronics retailer Best Buy tumbled 14.27% after it said fiscal third quarter profit fell by 4% to USD 217 million. The company said that sales in the quarter totaled USD 11.9 billion, falling short of analyst expectations for sales of USD 12.02 billion.
Elsewhere, shares in the financial sector were mixed ahead of the Federal Reserve’s Open Market Committee meeting later in the day. Shares in the largest U.S. lender Bank of America jumped 0.96%, while rivals JP Morgan-Chase saw shares tumble 0.75%.
Meanwhile, shares in the world’s largest biotechnology firm Amgen surged 4.81% after a study showed that the company’s prostate cancer drug, Xgeva, helped prostate cancer patients live longer without the disease spreading to their bones.
Elsewhere, pharmaceutical giant Pfizer saw shares climb 0.64% after the company named board member George Lorch as nonexecutive chairman, a week after its chairman and chief executive abruptly departed.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 fell 0.14%, France’s CAC 40 shed 0.10%, Germany's DAX declined 0.21%, while Britain's FTSE 100 gained 0.19%.
Later in the day, the Federal Reserve was to announce its federal funds rate.