U.S. Stocks Open Higher After Better Than Expected Retail Sales, Bank Earnings
By Liz Moyer
Investing.com -- U.S. stocks opened higher as stronger than expected retail sales data put aside some fears about an economic downturn.
At 9:51 AM ET, the Dow Jones Industrial Average rose 351 points, or 1.1% while the S&P 500 was up 0.8% and the NASDAQ Composite was up 0.6%.
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 5% 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 4%.
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 17% after The Wall Street Journal reported a 9% stake by the activist Elliott Management.
Oil rose. Crude Oil WTI Futures was up 1.9%, to $97.08 a barrel, while Brent Oil Futures was up 1.4% to $100.44. Gold Futures fell 0.3%, to $1,700 an ounce.
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