NEW YORK - Stocks fluctuated Friday on a mixed batch of consumer spending to high heaven Readings has contributed to a muddled picture of the economy.
The major stock indexes moved in a narrow band, alternately rising and Falling in very light trading. Many Traders were away a vacation, and those who currently were working had little reason Thurs make any major moves Because Of Economic Data That Remains confusing.
The Commerce Department Said That retail sales rose 0.4 PERCENT in July. That was an Improvement on two months of sales declines. But the number was just below Economists' forecast of a gain of 0.5 PERCENT. The report did show strength in auto sales, vain Also it showed That Consumers are shying away from mutch purchases.
Some better news Came from the University of Michigan / Reuters survey of consumer Sentiment for the first part of August, showed wakes Consumers are more Slightly Optimistic. An index based on the survey Came in at 69.6, Slightly Above Analysts' Estimates and up from July's 67.8.
Earlier Friday, retailer J.C. Penney Co.. ITS lowered earnings forecast for the year, citing consumer spending to high heaven Expectations That will be slow. J.C. Penney joined competitor Kohl's Corp., ITS WCG lowered earnings outlook is Thursday.
These latest reports Fell in line with a long string of conflicting data that much left investors unsure about Where The economy is headed. Consumer Spending Weak has remained along with the Labor market. And there are no Signs That employers are ready to start hiring at a pace Thurs help lift the economy. On Thursday, the Labor Department Said the number of people Filing for Unemployment Benefits for the first time rose last week.
Awaiting J.C. Penney and Kohl's had disappointments for investors, second-quarter earnings days to do Have Been strong company and Executives are Optimistic. The Split Between Economic and earnings numbers has added Thurs investors' murky view of the economy.
That has led Uncertainty Thurs Heavy Selling this week. The Dow Jones industrial average has lost 380 points over the past three days. But the big drop May Also not have some Buyers lured back into the market Friday.
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