Stocks Rally on Retail Sales Data
Stocks rallied in trading today, with all three major indexes ending higher. Stocks rose on the back of stronger than expected retail sales data for the month of May. The figures released earlier in the day showed that retail sales fell 0.2% in the month of May, below economists forecast of a drop of 0.6%.
The Dow Jones ended the day 1.03% higher at 12,076.11, the S&P 500 ended the day 1.26% higher at 1,287.87, and the Nasdaq ended the day 1.48% higher at 2,678.72.
All sectors in the S&P 500 ended the day in green. Industrials were the best performers in the S&P 500, ending the day 2.21% higher. Energy stocks also rose sharply in trading today, ending the day 1.72% higher. Basic Materials stocks ended the day 1.74% higher, while Financials ended the day 0.85% higher.
Among the major gainers in trading today were J.C. Penney Company Inc. (NYSE: JCP), which ended the day 17.47% higher at $35.37, Demand Media Inc. (NYSE: DMD), which ended the day 12.86% higher at $14.83, Office Depot Inc. (NYSE: ODP), which ended the day 12.61% higher at $3.75, Lorillard Inc. (NYSE: LO), which ended the day 11.83% higher at $113.59, and RealD (NYSE: RLD), which ended the day 9.95% higher at $22.99.
Among the major losers in trading today were Dollar Thrifty Automotive Group Inc. (NYSE: DTG), which ended the day 9.32% lower at $72.43, and RPX Corp. (NASDAQ: RPXC), which ended the day 5.66% lower at $27.66.
In the commodities market, crude oil rose in trading today following the stronger than expected retail sales data. Crude oil for delivery in July climbed $2.07 to settle at $99.37 a barrel on the New York Mercantile Exchange. In London, Brent crude for delivery in July climbed $1.06 to settle at $120.16 a barrel on the ICE Futures Europe exchange.
