U.S. stocks tried to bounce back on Thursday from a steep selloff a day earlier,...
- U.S. stocks tried to bounce back on Thursday from a steep selloff a day earlier, as strong retails sales data and upbeat Walmart earnings eased concerns of a recession, but mixed signals on trade and Cisco’s dismal forecast capped gains.
“Data still indicates that the consumer is in a relatively good shape, it points to the fact that even with an inverted yield curve that we saw yesterday, a recession is not coming so fast,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. China’s finance ministry said earlier in the day that it would retaliate to the latest U.S. tariffs, spooking markets initially.
The company’s strong report lifted the consumer staples sector up 1.5%, which gave the biggest boost to the market.
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