Wall Street posts gains amid waning rate hike signs

NEW YORK (AA) – Wall Street ended Thursday with gains after disappointing macroeconomic data in the U.S. economy further lowered the possibility of a rate hike by the Federal Reserve this month.

Retail sales in August fell by 0.3 percent, marking its first decline in five months, the Department of Commerce announced Thursday.

Industrial production also declined in August, according to the Fed, by 0.4 percent -- its worst performance in the last five months.

The weak macroeconomic data points to the fragility in the U.S. economy, which analysts think would nudge the Fed towards passing on September and waiting for stronger figures in the coming months to increase its benchmark interest rate.

With the likelihood of a rate hike this month waning, investors took a buying position in the market.

The Dow Jones gained 177 points to end the day at 18,212 and the S&P 500 was up 21 points at 2,147. The Nasdaq increased 75 points to finish the day at 5,249.