Stocks rose on Wall Street, notching their third gain in a row, after US retail sales rebounded last month by much more than economists were expecting. The S&P 500 climbed 1.9% Tuesday in another volatile day. The spending data bolstered hopes that the economy can pull out of its recession relatively quickly. However trading remains skittish as worsening coronavirus trends in several hotspots around the world rattle investors. After shooting to an early 2.8% gain, the S&P 500 surrendered all but a sliver of it at one point before rallying back, the AP reports. Treasury yields also climbed, but trading there was likewise volatile. The S&P 500 rose 58.15 points to 3,124.74. The Dow Jones Industrial Average gained 526.82, or 2%, to 26,289.98. The Nasdaq climbed 169.84, or 1.7%, to 9,895.87.
Retail sales jumped 17.7% from April to May, more than double economists’ expectations, to retrace some of their record-setting plunges in March and April as businesses reopened across the country. It follows earlier reports that the US job market unexpectedly strengthened last month and gives more credence to investor expectations that the worst of the downturn may have already passed. "The markets have been looking forward to the economy reopening, and that’s a large part of the story for the next few months," says Bruce Bittles, chief investment strategist at Baird. He adds: "My feeling is that while reopenings and things get better, it won't be without some backsteps, and I think it’ll be a rocky few months more for the markets."
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