Wall Street overnight ended the losing streak and edged higher after the better-than-expected retail sales data. The good sales data in August to some extent eased the concerns over the key US employment gauge which is scheduled to release on Friday.
Wall Street overnight extended its losses after a disappointing non-farm payrolls report in August, which raised concerns over the coming key reports on employment this week. US private sector slashed 298,000 jobs in August, a faster rate than economists' forecast.
Wall Street fell for a third session despite a positive manufacturing data in August. The sell-off was caused by concerns over banks' outlook and fears about September, which was historically one of the market's weakest months.
Overnight Wall Street fell following a massive sell-off in Chinese shares, which plunged 6.7 per cent on Monday. The Shanghai Composite index has lost more than 20% of its value in one month.
US stocks were lower Friday over consumer data. Commerce Department said that consumer spending rose mildly in July, while personal income was unchanged. The downbeat data of US consumer sentiment also weighed on the market.
Wall Street closed with an eighth consecutive gain on Thursday, as a series of financial firms rose and energy stocks rallied on the rebound of crude oil prices. The US government figure for GDP showed that the US economy shrank at a 1 per cent annual pace in the second quarter, better than analysts' forecast of 1.5 per cent decline.
US stocks closed nearly unchanged Wednesday despite a stronger than expected increase of new home sales and a jump in durable goods orders. The market responded to the positive data with a shrug, as investors remained cautious and took their profits after rallies.
