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Wall Street rises after ECB statement, retail sales data

Reuters 

By Sruthi Shankar

(Reuters) - U.S. stocks rose on Thursday after the European Central promised not to raise euro zone interest rates before the middle of next year and on better-than-expected May data.

The bank's statement came as a relief, especially after the raised interest rates for the second time this year on Wednesday and hinted at two more hikes by the end of 2018.

ECB, however, said it would wind down its 2.55 trillion euro stimulus program by the close of the year.

"There's some concern that we're going to see a lot tighter policy. But both the Fed and the ECB, especially, are very accommodative at this point and it doesn't look like it's going to derail the expansion that we're seeing anytime soon," said Scott Brown, at in St. Petersburg,

jumped 4.4 percent after the company offered $65 billion to lure Fox away from a merger with Walt Disney, with a 20 percent higher offer.

Disney also rose 2.1 percent, providing the biggest boost to the

Data on Thursday showed U.S. increased more than expected in May, its biggest advance since November 2017 that indicated an acceleration in in the second quarter.

Other data showed a further tightening in labor market conditions, with the number of Americans on jobless rolls declining to a near 44-1/2-year low.

At 9:56 a.m. EDT the was up 63.60 points, or 0.25 percent, at 25,264.80, the 500 was up 6.04 points, or 0.22 percent, at 2,781.67 and the was up 31.43 points, or 0.41 percent, at 7,727.13.

Nine of the 11 sectors were higher, led by a 0.7 percent gain in the consumer discretionary

dropped 4.6 percent after Nomura cut its price target on the business software maker's stock.

fell 3.8 percent after the company said U.S. regulators were unable to approve its generic version of inhaled lung drug as they found "minor deficiencies" in the treatment.

Advancing issues outnumbered decliners for a 2.03-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq.

The recorded 22 new 52-week highs and one new low, while the Nasdaq recorded 85 new highs and 11 new lows.

(Reporting by in Bengaluru; Editing by Anil D'Silva)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 14 2018. 20:00 IST
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