Stocks are trading in a narrow range as investors weighed mixed signals on the economy
A report on August retail sales beat expectations, but earnings from Best Buy and Kroger disappointed investors.
The Commerce Department said retail sales climbed 2.7 percent last month, faster than the 2 percent jump expected by economists polled by Thomson Reuters. Consumers are considered a key to any economic recovery as their spending accounts for more than two-thirds of all economic activity.
Excluding auto sales, which were boosted by the government’s popular Cash for Clunkers program, retail sales rose 1.1 percent, topping the 0.4 percent increase expected.
Stocks edged higher as commodities prices extend their rally and the dollar hovers near recent lows
There was little economic or corporate news to guide investors in the early going. Investors were waiting for the Federal Reserve to release its latest assessment of the economy in different parts of the country. The report, known as the beige book, is due at 2 p.m. EDT.
Meanwhile, investors around the world were tracking the dollar, which is trading near lows for the year against the euro and a two-month low against the yen after sinking Tuesday. The dollar’s recent drop is lifting commodities prices, including oil which is extending its gains.
Sep. 9, 2009 (Business Wire) — Premier Power Renewable Energy (OTCBB:PPRW) announced today that it has broken ground on the first phase of its 20 mega watt (MW) solar pipeline in Italy.
Premiers Power’s first phase projects are located in the Puglia region of southern Italy and are the first in a series of projects valued in excess of $100 million that are being developed as a result of Premier Power’s acquisition of Arco Energy in July 2009. Arco Energy is an Italian solar project developer, EPC and distributor.
Sep. 2, 2009 (Business Wire) — Premier Power Renewable Energy (OTCBB:PPRW), a global leader in the development, design, engineering and construction of solar power systems for commercial, government and utility markets in the U.S. and Europe, today announced that it will present to institutional investors at the Rodman & Renshaw Annual Global Investor Conference on Wednesday, September 9th at 4:30 p.m. ET.
Stocks edge higher amid growth in manufacturing and housing
News that the manufacturing industry has grown for the first time in 18 months is giving the stock market a boost.
The slight gains follow declines in European shares and a modest rebound in Asian markets.
The Institute for Supply Management says its index of manufacturing activity rose to 52.9 in August, up from 48.9 in July and well above the reading of 50.5 analysts had been expecting.
A reading above 50 signifies growth in the industry — something that hasn’t happened since January 2008.