U.S. stocks rise as better-than-forecast retail sales beat analysts forecast which is showing consumer’s are spending and there’s confidence in the market again. Economists were predicting that retail sales would increase 0.1%, but it increased .02% in December due to strong sales from retail stores. It also shows the economy is growing because consumer spending is 70% of the economy thats why it is very crucial that we have strong retail sales because it is part of consumer spending.
Stocks extended their gains as all 10 main industries in the S&P 500 advanced, with Conglomerates leading.
The Dow Jones Industrial Average rose 115.92 points, or 0.7%, to 16373.86. The S&P 500 gained 19.68 points, or 1.1%, to 1838.88.