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New York, NY, United States (AHN) – U.S. stock index futures pared losses on Tuesday after economic data showed October retail sales rose more than expected and November manufacturing in New York state was positive for the first time in five months.

Right after the opening bell, the Dow Jones Industrial Average was down 2 points, while the Standard & Poor’s 500 Index and the NASDAQ were both flat.

Helping retail sales show a gain were sales of Apple Inc.’s iPhones and demand for new cars. The 0.5 percent gain followed a 1.1 percent increase in September, according to data released from the Commerce Department on Tuesday.

Consumer spending is the biggest part of the economy and needs to keep growing to boost the U.S. economy as the European credit crisis threatens to slow overseas sales.

Retailers in the U.S. are widely planning to use discounts to lure shoppers during the holiday season, and more and more stores will open Thanksgiving night to get a jump start on the all-important Black Friday shopping event.

Sales at electronic stores increased 3.7 percent in October, the biggest gain since November 2009, Tuesday’s report showed. Internet and mail order companies reported sales advanced 1.5 percent, the most in nine months.

Sales rose 0.4 percent at auto dealers, following a 4.2 percent increase in September. The results were in line with industry figures.

While the increase in consumer spending is encouraging, experts say a stronger labor market is needed to speed up growth in the U.S. during its third year of recovery and cushion the country from risks related to the eurozone sovereign debt crisis.

View full post on Economy, Business And Finance Stories

New York, NY, United States (AHN) – U.S. stock index futures pared losses on Tuesday after economic data showed October retail sales rose more than expected and November manufacturing in New York state was positive for the first time in five months.

Right after the opening bell, the Dow Jones Industrial Average was down 2 points, while the Standard & Poor’s 500 Index and the NASDAQ were both flat.

Helping retail sales show a gain were sales of Apple Inc.’s iPhones and demand for new cars. The 0.5 percent gain followed a 1.1 percent increase in September, according to data released from the Commerce Department on Tuesday.

Consumer spending is the biggest part of the economy and needs to keep growing to boost the U.S. economy as the European credit crisis threatens to slow overseas sales.

Retailers in the U.S. are widely planning to use discounts to lure shoppers during the holiday season, and more and more stores will open Thanksgiving night to get a jump start on the all-important Black Friday shopping event.

Sales at electronic stores increased 3.7 percent in October, the biggest gain since November 2009, Tuesday’s report showed. Internet and mail order companies reported sales advanced 1.5 percent, the most in nine months.

Sales rose 0.4 percent at auto dealers, following a 4.2 percent increase in September. The results were in line with industry figures.

While the increase in consumer spending is encouraging, experts say a stronger labor market is needed to speed up growth in the U.S. during its third year of recovery and cushion the country from risks related to the eurozone sovereign debt crisis.

View full post on Economy, Business And Finance Stories