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U.S. Markets Shake Off Weak Retail Sales, Finish Higher
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June 11, 2010 4:58 p.m. EST
Topics: market and exchange, economy, business and finance, securities, United States
Mitchell Jaworski - AHN News Reporter
New York, NY, United States (AHN) - U.S. markets opened much lower following a weak retail sales report, but we’re able to pare losses and finish higher as stocks rallied late.
Before the opening bell, the Commerce Department said May retail sales dipped 1.2 percent as consumers tightened their belts after several months of increased spending. The decline was unexpected as economists predicted a 0.2 percent increase.
The Dow Jones Industrial average added 39 points or 0.4 percent. Dow advancers outpaced decliners 20 to 10.
Pfizer led the Dow, up 3.5 percent after results of a joint study with Bristol-Myers Squibb showed evidence that the drug apixaban reduced the risk of stroke among patients with abnormal heartbeats.
The S&P 500 rose 5 points or 0.4 percent as nine of major economic sectors finished the session higher. Materials were the strongest sector, adding 1.2 percent. Consumer staples were the only lagging sector, down 0.8 percent on the day.
Nasdaq Composite added 25 points or 1.1 percent as the tech sector held pace with a 1.1 percent gain.
Crude oil snapped its winning streak, dipping 2.2 percent to settle at $73.78 a barrel on the New York Mercantile Exchange.
On the economic front, the Michigan Consumer Sentiment Survey jumped in June, hitting 75.5, marking a two-year high, as the recent rise in personal income levels has boosted confidence.
Monday’s market is clear of any economic news. Things will kick back up on Tuesday with the release of export-import prices and the Empire Manufacturing Survey.
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