More good news for investors as Wall Street rallies

by Darren

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Stocks are doing well this week. The latest trading day has seen more gains. A big reason for the smiling faces is because of retailer numbers:

With the nation’s retailers reporting a generally positive July, typically a slow month for sales, investors were reassured about the strength of consumer spending. In addition, the Institute for Supply Management’s services index came in below expectations, evidence that economic growth is moderating.

I have to admit amazement. Personally, I felt sure the high gas prices would finally do in the beleaguered consumer, but they’re resilient as always. The Fed hasn’t decide whether to raise interest rates another quarter point, or not, but apparently the news isn’t having as much affect as you might expect.

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