Wall Street Rises Amid Positive Retail Sales and Awaited Fed Decision

In a significant development, Wall Street experienced a rise in its main indexes as the market opened on Tuesday. This positive performance comes ahead of a crucial meeting of the Federal Reserve, with favorable data on consumer spending alleviating economic concerns.

The Dow Jones Industrial Average saw an increase of 101.7 points, rising by 0.24% to reach 41,723.78 at the opening. Similarly, the S&P 500 observed a gain of 22.4 points, marking a 0.40% increase to 5,655.51, while the Nasdaq Composite climbed 114.9 points, a rise of 0.65%, setting it at 17,707.019.

The momentum in the stock market was in response to unexpected US retail sales data for August, which showed a notable increase. The value of retail purchases rose by 0.1%, following a revised 1.1% increase in July. This growth was primarily driven by online retailers and sporting goods stores, as reported by the Commerce Department.

As the Federal Reserve commences its pivotal meeting, there is a substantial focus on the potential rate cut, anticipated to be the first in over four years. This decision, expected on Wednesday, has become a matter of keen interest with significant implications for the economy.

Manufacturing and mining sectors in the US also observed improvements in August, with industrial production witnessing a 0.8% increase. This was a recovery from a decline of 0.9% in the previous month, attributed to Hurricane Beryl‘s impact.

Additionally, in developments within the Indian market, shares of PN Gadgil Jewellers made an impressive debut on the NSE at a rate of 830 INR per share, marking a significant premium over the issue price. Meanwhile, the wholesale inflation in India declined to a four-month low in August, prompting further analysis of economic conditions.