Wall Street rises as retail sales overshadows sentiment

By REUTERS
August 12, 2011 20:03

 
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NEW YORK - US stocks rose about 1 percent on Friday as mildly encouraging retail sales put the S&P on track for a two-day winning streak for the first time since mid-July as investors shrugged off weak consumer sentiment data.

Still, the market was on track for its worst three-week decline since March of 2009, when stocks hit 12-year lows.

Trading remained volatile, with stocks retreating after the sentiment reading, then rebounding by midday.

US consumer sentiment fell to its lowest level since 1980, but retail sales posted their biggest gains in three months in July.

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