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Nasdaq inches up to another record high

Friday, August 12, 2016 - 01:16

The Nasdaq just barely moved higher but it was enough to set a new record high, though the other key benchmark indexes lost ground. Bobbi Rebell reports.

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Another new record high for the Nasdaq, though the other major indexes pulled back from highs hit on Thursday. A rise in oil prices offsetting the impact of weak economic data. For the week though, the major indexes posted gains. That data included retail sales, which, according to the Commerce Department, were unexpectedly flat in July as consumers cut back on buying clothes and other goods. Reuters Financial markets editor Dan Burns: (SOUNDBITE) DAN BURNS, REUTERS FINANCIAL MARKETS EDITOR, (ENGLISH) SAYING: "It is the first stall we have seen in several months in retail sales. Consumer spending has carried the economy certainly through the first half of this year. It was consumer spending that delivered all of the growth that we saw as meager as it was in the first and second quarter of this year." A separate report, the producer price index, showed wholesale prices fell 0.4 percent last month, the biggest drop in nearly a year. J.C. Penney stock rose after the company reported a smaller quarterly loss, and thanks to higher sales of home goods and footwear. In Europe, shares hovered near seven week highs, but fell back to close out the week mostly lower on Friday.

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Nasdaq inches up to another record high

Friday, August 12, 2016 - 01:16