Friday, 30 June 2017

Nike shares lead Dow Jones higher

Shares in Nike jumped at the start of trade after it said it would start selling some goods though Amazon.

The sportswear maker confirmed on Thursday that it would begin a "small pilot" selling goods directly through the online retail giant.

Nike's shares soared 8% as the company also reported better-than-expected fourth-quarter results.

Profits rose 19% in the quarter to $1bn, while revenues were up 13% to $4.2bn.

Nike was the biggest riser on the Dow Jones, which was up 102.68 points, or 0.5%, at 21,389.71.
The tech-focused Nasdaq index rose 16.87 points to 6,161.22 while the S&P 500 climbed 9.86 points to 2,429.56.

The Federal Reserve's preferred measure of inflation - the core personal consumption expenditures (PCE) price index, which excludes food and energy prices - rose at an annual rate of 1.4% in May.

That was down from April's rate of 1.5% and below the Fed's target of around 2%.

Other economic data released on Friday showed that consumer spending, a key driver of the US economy, edged up 0.1% last month, according to the Commerce Department.

BBC     News.

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