14 Aug 2009

Wall Street rises

10:59 am on 14 August 2009

US stocks rose on Thursday as better-than-expected earnings by Wal-Mart, the world's largest retailer, helped offset disappointing government numbers on retail sales and jobs.

Shares of Wal-Mart gained 2.7% to $51.88 following its second-quarter earnings and its outlook for the full year.

The rest of the retail sector was lukewarm after the US Commerce Department reported retail sales fell 0.1% in July, defying market expectations of a gain.

Also on the negative side, the government said the number of workers filing initial applications for unemployment benefits rose by 4,000 to a seasonally adjusted 558,000.

The Dow Jones industrial average rose 36.58 points, or 0.39%, to 9,398.19. The Standard & Poor's 500 Index gained 6.92 points, or 0.69%, to 1,012.73. The Nasdaq Composite Index added 10.63 points, or 0.53%, to 2,009.35.