Read more about Wall Street jumps on glimmers of economic recovery; Dow, S&P rise over 2% on Business Standard. All three major US stock indexes were sharply higher, and on course for their third consecutive daily gains
surged on Tuesday as a record jump in retail sales indicated the US economy is on the road to recovery, five months into its pandemic-inflicted recession.
All three major US stock indexes were sharply higher, and on course for their third consecutive daily gains.
The Dow and the S&P remain about 11 per cent and 8 per cent below their respective record closing highs reached in February, while the tech-heavy Nasdaq hovers about 1 per cent below its all-time closing high reached on June 10.
Data released by the Commerce Department showed retail sales jumped by a record 17.7 per cent in May, blowing past the 8 per cent increase analysts expected.
“We’re seeing pretty broad gains,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
