Market Jumps on Strong Retail Sales Report

The market is having a nice morning thanks to a good retail sales report. The government said that retail sales rose 17.7% in May. Economists had been expecting a gain of “only” 7.7%.

You don’t often see a retail sales report beat expectations by 10%.

There were also reports on the benefits of dexamethasone. Apparently, the drug was shown to reduce Covid-19 deaths by one third.

From the BBC, “Had the drug had been used to treat patients in the UK from the start of the pandemic, up to 5,000 lives could have been saved, researchers say.”

At one point, the S&P 500 was up close to 3% but it’s pared those gains. The index is currently up just under 1%.

Posted by on June 16th, 2020 at 11:07 am


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