At Amazon, analysts were negatively surprised by weak sales and profit growth.
(Photo: Reuters)
new York Hopes of more cautious rate hikes by the Federal Reserve are buoying Wall Street. However, a bleak outlook from Amazon slowed the recovery. The Dow Jones blue chip index rose 1.3 percent at the opening on Friday. The broad-based S&P 500 and the tech-heavy Nasdaq each gained about a percent.
Investors rated the data on consumer spending as positive. They rose surprisingly sharply by 0.6 percent. At the same time, the price index derived from this rose less than expected. “Anyone who believes that the Fed is about to turn around interest rates will not find anything in these numbers that will scare them,” said Matthew Tuttle, head of wealth manager Tuttle Capital.
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