S&P recovered part of losses thanks to statistics
Stocks

S&P recovered part of losses thanks to statistics

The S&P 500 regained some of its closes on Thursday, thanks to unexpectedly strong US retail sales, which underscored the strength of the economic recovery.

The Dow Jones Industrial Average dropped 0.18% to 34.751.32 points. The S&P 500 dropped 0.16% to 4.473.75, the Nasdaq Composite rose 0.13% to 15.181.92.

The three major indices traded chiefly in negative territory during Thursday’s session, as rising US Treasury yields weighed tech stocks and a rising dollar weakened exporters.

“We received good news on retail sales. It looks like the expected huge slowdown in the economy is not materializing,” said Ryan Detrick of LPL Financial.

The unexpected surge in retail sales is a testament to the sustainability of consumption despite Hurricane Ida and COVID. “This proves once again that the US consumer continues to spend and continues to drive economic growth,” Detrick said. The US consumer sector’s contribution to economic growth is at 70%.

Tags
Photo of BusinessMarket.pro

BusinessMarket.pro

BusinessMarket was founded to provide mission-critical intelligence for hundreds of selected companies. We not only gather, but we also validate and route what today’s decision-makers require to assess this evolving and complete industry. With unparalleled insight, we are able to offer you the connections, context, and relationship that will help drive innovation and allow you to unlock unique market opportunities.
Back to top button