Wall Street edged up in mid-day trading on Monday as data painted a mixed picture of the U.S. economy after retail sales rose less than expected, while growth in New York State’s manufacturing sector accelerated in July.
Keith Bliss, senior vice president and director of sales & marketing at Cuttone & Co., Inc., discusses China's second-quarter GDP, U.S. retail sales data for June and Citigroup Inc (NYSE: C) earnings beating Wall Street expectations.
China's economic growth slowed in the second quarter to 7.5 percent year-on-year, the National Bureau of Statistics reported, which is a slowdown from 7.7 percent gross domestic product (GDP) growth in the first quarter.
Citigroup Inc. (NYSE: C) reported a stronger-than-expected rise in second-quarter earnings on the heels of JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co (NYSE: WFC) beating Wall Street expectations in the previous session. Citigroup’s adjusted net income rose to $3.89 billion, or $1.25 per share, in the second quarter, from $3.08 billion, or $1.00 per share, a year earlier.
On the economic calendar, data showed U.S. retail sales increased 0.4 percent in June, the Commerce Department said on Monday. Economists polled by Reuters had forecast retail sales to rise 0.8 percent in June.
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Separate data showed that factory growth in New York State’s manufacturing sector accelerated in July as new orders and employment improved. The New York Fed's "Empire State" general business conditions index rose to 9.46 from 7.84 in June, beating expectations for 5.00. A reading above zero indicates expansion.
As of 1:45 p.m. Eastern, the Dow Jones Industrial Average (INDEXDJX:.DJ) was up 17.92 points, or 0.12 percent, at 15,482.22. The S&P 500 Index (INDEXSP:.INX) rose 2.04 points, or 0.12 percent, at 1,682.23. The Nasdaq Composite Index ((INDEXNASDAQ:.IXIC) gained 6.01 points, or 0.17 percent, at 3,606.09.