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Reply #46: U.S. Stocks Rise on Spending, Inflation Data; Retailers Advance [View All]

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citizen snips Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-01-07 02:02 PM
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46. U.S. Stocks Rise on Spending, Inflation Data; Retailers Advance
Feb. 1 (Bloomberg) -- A rally in U.S. stocks sent the Dow Jones Industrial Average to a record after the government said consumers spent more without fueling inflation.

Retailers gained, paced by Circuit City Stores Inc. and J.C. Penney Co. Energy shares climbed the most among 10 industry groups in the Standard & Poor's 500 Index after profit at Exxon Mobil Corp. and Valero Energy Corp. surpassed analysts' estimates. Google Inc. pushed the Nasdaq Composite Index lower after the company posted revenue that failed to top projections.

Personal spending increased in December by the most in five months and an inflation measure rose less than forecast. The data reinforced comments yesterday from the Federal Reserve that economic growth is picking up without accelerating consumer-price increases. The central bank also left interest rates unchanged.

``We have an ideal environment for stocks, with a benign interest rate and the consumer doing a bit better,'' said Dan Veru, who helps manage $2.8 billion at Palisade Capital Management in Fort Lee, New Jersey. Also, ``we have very solid earnings for companies that are more economically sensitive. That's what's driving the market right now.''

more...
http://www.bloomberg.com/apps/news?pid=20601084&sid=aUP...
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