The Dow jumped 500 points today after a record surge in retail sales by skleb1234
The Dow Jones Industrial Average was up 2%, over 500 points, on Tuesday, while the S&P 500 rose 1.9% and the tech-heavy Nasdaq Composite gained 1.8%.
Stocks continued to move higher, building on gains from Monday, after a record surge in retail sales last month. Retail sales jumped 17.7% in May, better than the expected 7.7%, as consumers getting out of coronavirus lockdowns began shopping again. Shares of companies that would benefit from the economy reopening—including airlines, retailers and cruise operators—jumped again on Tuesday.for a potential coronavirus treatment, dexamethasone, which reduced deaths in hospitalized patients by up to one third.
Stocks fell by over 2% early on Monday, but erased losses and turned positive after the Federal Reserve announced that it would buy individual corporate bonds, taking yet another step to backstop financial markets and reassure investors.the Senate banking committee on Tuesday that there is still “significant uncertainty” about an economic recovery, while adding that the Fed will let the market dictate the pace of its corporate bond purchases.
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