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

Stock Markets Jul 15, 2022 09:55AM ET
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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.

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

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Comments (7)
Jeff Chevalier
Jeff Chevalier Jul 15, 2022 11:19AM ET
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Consumer spending is up because the price of everything is up. People aren't buying more, they're just paying more.
Rob Wade
Rob Wade Jul 15, 2022 11:18AM ET
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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!!!!
Deepak Agrawal
Deepak Agrawal Jul 15, 2022 10:59AM ET
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Market does not care about inflation, retail sales are good that is good enough. Any problems govt will push in more money
Kerry Ditto
Kerry Ditto Jul 15, 2022 10:59AM ET
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bostic is bearish and Bullard is bullish in their likey bets.
Dave Jones
Dave Jones Jul 15, 2022 10:42AM ET
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Consumer spending = credit card debt. This will not end well.
Andrew Sim
Andrew Sim Jul 15, 2022 10:27AM ET
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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
Mitchel Pioneer
Mitchel Pioneer Jul 15, 2022 10:09AM ET
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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.
Ronald Warren
Ronald Warren Jul 15, 2022 10:09AM ET
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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.
Tom Scurlock
Tom Scurlock Jul 15, 2022 10:09AM ET
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Exactly!!!! Come close… it will be 600 down. It’s a Joke.
 
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