In this file photo a Wall St sign hangs at the New York Stock Exchange at Wall Street on March 23, 2021 in New York City. — AFP picWASHINGTON, May 14 — Wall Street continued to rebound at the start of trading today, despite disappointing data that showed retail sales declining in some sectors.
Online sales fell last month after booming over the past year as Covid-19 hit the US economy, but sales of motor vehicles and at restaurants rose, albeit modestly, as the pandemic ebbed. “The key takeaway from the report is that the ‘weakness’ was really driven by a tough sequential comparison; moreover, the market won’t be too concerned by the ‘miss,’ knowing that hiring activity is going to increase, that wages will likely increase and that there is a huge amount of personal savings at the ready to spend in coming months,” he said.
The broad-based S&P 500 rose 0.9 per cent to 4,150.44, while the tech-rich Nasdaq Composite Index 1.0 per cent to 13,253.94.