Markets rally on good news
by Rachel Lynn Aldrich
Posted 6/16/20, 05:14 pm
Stocks on Wall Street climbed on Tuesday despite concerns about a possible resurgence of COVID-19 in the United States. Though investors remained cautious, by the end of the day, the Dow Jones Industrial Average gained 526.82 points while the S&P 500 was up 58.15.
What’s driving the market? Investors are growing more hopeful the U.S. economy can climb out of a recession relatively quickly as states lift coronavirus-related restrictions. Retail sales jumped 17.7 percent from April to May, the Census Bureau reported on Tuesday. Adding to the economic optimism, the White House is reportedly working on a proposal to pour $1 trillion into infrastructure improvements, and a research team in Britain found a promising treatment for severely ill COVID-19 patients.
Dig deeper: Read my report in The Sift from earlier this month about the unexpected dip in unemployment.
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