Markets: S&P remains flat despite strong retail sales

Equity markets in the US remained broadly level at close overnight despite unexpectedly good retail sales figures for July prompting rises across the sector.

Some commentators attributed the sluggish movement of the past few days to low consumer confidence in light of low personal income growth and increasing economic and political uncertainty, with many predicting the optimistic sales figures were only temporary.

Investors are also waiting for an upcoming speech by Federal Reserve chairman Ben Bernanke and confirmation from Germany of the legality of the European Stability Mechanism buying bonds next month.

The S&P 500 managed to remain above the 1,400 mark, closing at 1,403 after a drop of 0.2 points. The Nasdaq Composite fell 6 points, a 0.2 per cent drop to close at 3,016. The Dow Jones Industrial Average rose 0.02 per cent, a mere 3 points, for a 13,172 close.