Wall Street: positive bias despite statistics
US retail sales rebounded by 0.6% on a sequential basis in February, broadly in line with market expectations, following a 1.1% decline the previous month (revised from an initial estimate of -0.8%).
Also for last month, US producer prices rose at an annual rate of 1.6% on a reported basis and 2.8% on an underlying basis, compared with annual rates of 1% and 2.7% respectively observed in January.
Christopher Dembik of Pictet AM noted this morning that "regardless of the news, operators remain confident in the future", noting that "the economy does not need any further monetary stimulus for the time being".
In other stock news, retailer Dollar General reported EPS down 38% to $1.83 for its fourth quarter, on sales down 3.4% to $9.9 billion.
Homebuilder Lennar Corp reported EPS up 25% to $2.57 for the first three months of its 2023-24 fiscal year, with revenues from home sales up 13% to $6.9 billion.
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