Retail sales lift small caps
The Russell 2000 (NYSE: IWM) and the other major U.S. indices are higher following news of stronger-than-expected September retail sales.
At 10:16 a.m. ET, the small-cap index had added 5.15 points, or 0.62%, to 840.13. The Dow Jones Industrial Average (INDU) had advanced 47.64 points, or 0.34%, to 14,062.72.
Retail sales for September increased 0.6% to $380.2 billion, according to the U.S. Census Bureau before the opening. That’s more than the projected 0.2% and a sign that the American consumer is alive and well despite the ongoing slump in the housing sector.
The gains were led by sales of autos, electronics and groceries.
On a year-over-year basis, retail sales have increased 5%.
Retail sales excluding motor vehicles and parts added 0.4% to $301.6 billion, outpacing analysts’ forecasts of a rise of 0.3%.
In other economic news, the U.S. Labor Department reported that producer prices for September increased 1.1%, the largest gain since February. That’s above the projected rise of 0.5%. The producer price index declined 1.4% in August.
However, prices for goods excluding foods and energy, a key measure of core inflation, moved up just 0.1%. Core prices were projected to increase 0.2%.
Producer prices are the prices paid to domestic producers for their output.
Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• Cerus Corp. (CERS), up 9% to $9.97.
• Uranium Resources Inc. (URRE), up 9% to $9.84 on news it will acquire a privately held mining company.
• Obagi Medical Products Inc. (OMPI), up 7% to $21.93.
Biggest percentage losers:
• AgFeed Industries Inc. (FEED), down 9% to $12.75.
• Advanced Battery Technologies Inc. (GBT), down 11% to $6.80.
• Universal Stainless & Alloy Products Inc. (USAP), down 9% to $34.50.
