Wall Street closes higher on signs of economic recovery
Wall Street advanced on Tuesday as the prospect of additional stimulus and a record jump in retail sales suggested the U.S. economy could bounce back sooner than expected, five months into its pandemicinflicted recession.
All three major U.S. stock indexes posted their third consecutive daily gains.
The Dow and the S&P remain about 11% and 8% below their respective record closing highs reached in February, while the tech-heavy Nasdaq hovers about 1% below its alltime closing high reached on June 10.
Data released by the Commerce Department showed retail sales jumped by a record 17.7% in May, blowing past the 8% increase analysts expected.
Investor risk appetite was given a further boost by the Trump administration’s anticipated $1 trillion dollar infrastructure package aimed at jump-starting the economy.