By Liz Moyer
Investing.com -- U.S. stocks fell in early trading and then turned higher on Thursday as investors tried to digest a slug of economic data ahead of the Federal Reserve’s meeting next week.
August’s retail sales report showed a gain of 0.3%, surpassing forecasts and a strong showing for the consumer despite inflation. Meanwhile, new jobless claims came in at 213,000 last week, also beating expectations.
A strong labor market, the gain in retail sales, and a hotter-than-hoped-for August inflation report are pointing in the direction of another 0.75 percentage point interest rate increase from the Fed , which would match the hikes from June and July. Some are even talking about the possibility the Fed hikes rates by a full percentage point in its quest to tame inflation.
A tentative agreement to avert a railroad worker strike is lifting shares of railroads, including Union Pacific Corporation (NYSE: UNP ), up 1.5%, and Norfolk Southern Corporation (NYSE: NSC ), up 1.3%.
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