( Reuters) – U.S. stocks advanced on Tuesday after a record surge in Might retail sales revived hopes of a swift post-pandemic economic rebound, with sentiment also raised by data revealing reduced COVID-19 death rates in a trial of a generic steroid drug.
A trader adjusts his mask as he deals with the flooring of the New York Stock Exchange as the break out of the coronavirus illness (COVID-19) continues in the Manhattan district of New York, U.S., Might 28,2020 REUTERS/Lucas Jackson
A Commerce Department report revealed general retail receipts rose 17.7%last month as Americans resumed costs after weeks of lockdown, although the rebound retraces just a fraction of the historic drops in March and April.
Retailers Kohl’s Corp and Nordstrom Inc surged 7%and 14%, respectively, and were amongst the top advancers on the S&P 500 index.
” We’re continuing to see better-than-expected economic data fuel this bull rally,” stated Sam Stovall, chief financial investment