Wall Street took its cue from the FTSE 100 (^FTSE) and European stocks on Thursday, heading higher as the European Central Bank (ECB) cut interest rates for its third time this year as widely expected.
It also came as new data showed a larger-than-expected rise in monthly retail sales, which climbed 0.4% in September, compared with an estimate of 0.3%, according to economists. Retail sales excluding automobiles rose 0.5% compared to the 0.1% forecast.
Separately, data showed the number of Americans filing new applications for unemployment benefits was 241,000 for the week ended 12 October, compared with an estimate of 260,000.
It came as policymakers were under pressure to cut amid a weakening growth outlook, and after eurozone inflation fell below the 2% target in September.
The euro also dipped to its lowest level in two and a half months during the session, trading back around $1.0850.
Announcing the decision, the ECB said: “The…
