US shares end with rises as financers await retail gains thi...| MENAFN.COM

Saturday, 01 October 2022 11:57 GMT

US shares end with rises as financers await retail gains this week


(MENAFN) The US shares surged on Monday as financers are waiting for gains from big retailers, such as Home Depot, Walmart, as well as Target this week.

The Dow Jones Industrial Average gained 152 points, or 0.45 percent, whereas the S&P 500 surged 0.3 percent, and the Nasdaq Composite sold 0.48 percent up.

In the meantime, China's central bank cut rates surprisingly to grow support for the economy impacted by COVID-19 restrictions and a property downturn.

The bank decreased the medium-term lending rate by 10 basis points to 2.75 percent from 2.85 percent, as mentioned by a statement by the People’s Bank of China.

In the meantime, the world's second-biggest economy witnessed a weaker-than-estimated industrial output and retail sales expansion, indicating that the zero-COVID policy remains to weaken consumer request.

The National Bureau of Statistics showed that China's industrial output surged 3.8 percent annually in July, slower than the market expectation of 4.6 percent.

The retail trade surged 2.7 percent from 2021 in July, missing economists’ estimate of a 5 percent increase.

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