NEW YORK: Wall Street stocks surged on Tuesday following better-than-expected US retail sales data that boosted hopes the economy will recover more quickly than some economists expect.
The Dow Jones Industrial Average climbed 2.04 per cent, gaining 526.82 points, to close at 26,289.98.The broad-based S&P 500 rose 58.15 points to 3,124.74, while the tech-rich Nasdaq Composite Index advanced 169.85 points to 9,895.87. US retail sales posted a surprise spike of 17.7 per cent in May, outperforming expectations much as the strong May jobs report left analysts scratching their heads.
Adding to the positive sentiment, a study at Oxford University showed use of the steroid dexamethasone cut risk of death for people on ventilators from 40 to 28 per cent.During the first of two days of congressional testimony, Federal Reserve Chair Jerome Powell vowed to maintain aggressive stimulus efforts in light of the hit from coronavirus shutdowns, but said Congress may need to do more as well.
Stocks have now gained three sessions in a row after suffering a rout last Thursday following data showing upticks in coronavirus cases in several states."A 'buy the dip' mentality appears to be back," said JJ Kinahan, chief market strategist at TD Ameritrade.
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