Wall Street Sees Big Day Following Record Retail Sales

Wall Street ended Tuesday with big gains after the government reported the biggest monthly jump in retail sales in history, combined with news from Britain of a potential coronavirus treatment. The Dow Jones Industrial Average closed up 527 points – a 2% gain. The S&P 500 and Nasdaq indexes were also 2% higher. At one point Tuesday, the Dow was up more than 700 points after the government reported that retail sales in May grew at a record 17.7%, as more and more businesses emerge from COVID-19 lockdowns. “Looks like a big day for the stock market and jobs!” President Donald Trump tweeted.  Investors were also cheered by news from Britain that a widely available steroid can help critically ill coronavirus patients and cut hospital deaths by a third. That news also sent European stocks soaring, with major indexes in London, Frankfurt and Paris all up 3%.  Asian markets also bounced back from big losses Monday.  Tokyo’s Nikkei index was up 5%, while Sydney was 4% higher and Hong Kong climbed nearly 3%. 

June 17th, 2020 by
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