Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

U.S. Stocks Jump After Better Than Expected Retail Sales, Bank Earnings

Published 07/15/2022, 09:50 AM
Updated 07/15/2022, 09:55 AM
© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks jumped as stronger than expected retail sales data put aside some fears about an economic downturn.

At 10:32 AM ET, the Dow Jones Industrial Average rose 605 points, or 2% while the S&P 500 was up 1.7% and the NASDAQ Composite was up 1.3%.

Retail sales rose in June as consumers kept spending. Sales, not adjusted for inflation, rose 1% in June from the prior month, and May’s data was revised to a slightly better -0.1% from the initial -0.3% read. For 12 months, sales were up 8.4% from June 2021.

Much of the gain for the month could reflect higher prices paid for the same goods, however.

Still, the positive news came on the same day more earnings from big lenders rolled out. Citigroup Inc (NYSE:C) shares jumped 7% after the bank was able to use trading to overcome weakness in investment banking. Unlike some other banks, it beat expectations.

Wells Fargo & Company (NYSE:WFC), as JPMorgan Chase (NYSE:JPM) has done, set aside more money for the possibility of credit quality deteriorating down the road. Shares rose 5%.

Health care company UnitedHealth Group Incorporated (NYSE:UNH) beat expectations for earnings and raised its outlook for the year. Shares rose more than 3%.

Meanwhile, shares of Pinterest Inc (NYSE:PINS) rose 13% after The Wall Street Journal reported a 9% stake by the activist Elliott Management.

Oil rose. Crude Oil WTI Futures was up 2.6%, to $98.31 a barrel, while Brent Oil Futures was up 2.5% to $101.56. Gold Futures fell 0.2%, to $1,701 an ounce.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Consumer spending is up because the price of everything is up. People aren't buying more, they're just paying more.
Since the cap on repaying the student loan payments have been on hold for so long people have been shopping, spending that extra money. Now I wonder if that will be the case when payments due on those loans start back up. 🤔 No free college folks, I don't see it. If they do offer free payouts to all on these loans, the government will find a way to offset it by jacking up income taxes. Nothing is Free!!!!
Market does not care about inflation, retail sales are good that is good enough. Any problems govt will push in more money
bostic is bearish and Bullard is bullish in their likey bets.
Consumer spending = credit card debt. This will not end well.
short order won't be processed to the exchange, all retail short have already been absorbed by citadel private inventory, only the long order will be pass to the exchange, bottom is in
600 point loss flagrantly manipulated out of the system yesterday, and now the Friday FRAUD unfolds with a 400+ point, uninhibited tightrope walk.  Will the biggest investment joke in the world tank at 10?  Will the "rally" be halted at 11, followed by a grind lower into the red?  Will the laughingstock of the financial world plunge "in late trade?"  Criminally manipulated JOKE.
The reality is that inflation is over 9% and retail sales strong. The FED must implement a 1% hike on the 27th. I guess they're just gonna' pump this thing as hard as possible before the next dump.
Exactly!!!! Come close… it will be 600 down. It’s a Joke.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.