Seeking Alpha

Retail sales data boosts stocks to best day YTD, Nasdaq +1.7%

  • Stocks climbed across the board a day after a steep slide, as upbeat retail sales data helped set aside some of the lingering concerns from Friday's jobs report.
  • The Nasdaq surged 1.7%, helped by support from Apple, Google, Microsoft and Oracle, each of which rose between 1.2% and 2.3%; chipmakers also fared well after Intel (+3.9%) was upgraded at J.P. Morgan.
  • The financial sector underperformed, as JPM and Wells Fargo hovered near their flat lines after both reported modest bottom-line beats on in-line revenues.
  • Retailers played a significant part in yesterday's decline but the group rebounded along with the broader market today.
  • The dollar fluctuated against major currencies, while the yield on the 10-year Treasury climbed 5 bps to 2.876%.
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