US Stocks End Mixed After Weaker-Than-Expected Growth in Retail Sales

Retail sales in the US rose by 1.2 percent last month after advancing 8.4 percent in the month of June

Wall Street's major averages closed mixed after data showed US retail sales in July increased less than expected. On Friday, the Dow Jones Industrial Average rose 34.30 points, or 0.12 percent, to 27,931.02. The S&P 500 was down 0.58 points, or 0.02 percent, to 3,372.85.

The Nasdaq Composite Index fell 23.20 points, or 0.21 per cent, to 11,019.30, Xinhua news agency reported. Six of the 11 primary S&P 500 sectors finished lower, with utilities down 0.91 percent, leading the laggards. Energy climbed 0.94 percent, the best-performing group.

New York stock exchange
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Chinese Companies Trade Lower

Meanwhile, US-listed Chinese companies traded mostly lower, with eight of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.

US retail sales rose 1.2 percent last month after advancing 8.4 percent in June, the Commerce Department reported on Friday. Economists polled by MarketWatch had forecast a 2 percent increase.

Uncertain Fate Grips Wall Street

The rebound in US retail sales slowed in July by more than expected, indicating a surge in new COVID-19 infections threatened the economic recovery, experts noted. Wall Street grappled with the uncertain fate of the further coronavirus stimulus in the United States as the nation's lawmakers continued to wrangle over the package.

Roughly 5.29 million confirmed COVID-19 cases have been reported in the United States with nearly 168,000 deaths as of Friday afternoon, according to a tally by Johns Hopkins University.