US stocks rebounded just below record highs on Tuesday as traders celebrated a surge in retail sales the day after President Biden signed the $ 1.2 trillion bipartisan infrastructure bill.
The Dow Jones Industrial Average rose 56 points, or 0.16%, while the S&P 500 and Nasdaq Composite indexes rose 0.39% and 0.76%, respectively. Profits pushed all three major averages to record highs the day after Biden signed the Infrastructure Act, providing funding for the modernization of the country’s roads and bridges, among other things.
|Me: DJI||DOW JONES AVERAGE VALUES||36142.22||+54.77||+ 0.15%|
|SP500||S&P 500||4700.9||+18.10||+ 0.39%|
|Me: COMP||NASDAQ COMPOSITE INDEX||15973.855129||+120.01||+ 0.76%|
The retail sales report for October showed sales rose 1.7% last month, accelerating from the 0.7% gain in September. Without automobiles, sales also rose by 1.7%.
In stocks, Walmart Inc. brushed aside supply chain worries, reporting profits and revenues exceeding Wall Street estimates as grocery buyers flocked to the stores to hunt for the company’s “Everyday Low Price” amid the current inflationary environment . The retail giant has raised its earnings outlook for the full year.
Home Depot Inc. outperformed both sales and profits as consumers continued to spend more on home improvement projects. The company said a 12.9% increase in the average ticket price helped offset the 5.5% decrease in customer transactions.
|HD||THE HOME DEPOT, INC.||392.33||+21.25||+ 5.73%|
Lucid Group Inc. reported an increase in orders and raised its production forecast for the next year.
|LCID||LUCID GROUP, INC.||55.52||+10.64||+ 23.71%|
Elsewhere, crypto-related companies, including Coinbase Global Inc. and MicroStrategy Inc., came under pressure when Bitcoin price fell below $ 60,000 per token.
|COIN||COINBASE GLOBAL, INC.||342.12||-3.24||-0.94%|
Peloton Interactive Inc. announced a proposed $ 1 billion common stock offering that increased shares by 15.5%.
|PTON||PELOTON INTERACTIVE, INC.||54.85||+7.36||+ 15.50%|
For commodities, West Texas Intermediate crude fell 12 cents to $ 80.76 an ounce and gold fell $ 12.50 to $ 1,853.60 an ounce.
The overseas markets were mostly higher.
In Europe, the DAX 30 rose 0.61% in Germany and the CAC 40 rose 0.34% in France after a report said the eurozone economy grew 2.2% in the last quarter, up from 2.1% in the previous quarter Previous quarter. The UK’s FTSE 100 lost 0.34%.
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Asian exchanges were mixed with China’s Shanghai Composite Index, which was down 0.33%, while Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index added 0.11% and 1.27%, respectively.