Dow climbs for first time in four daysBusiness | 16 Oct 2020 10:10 pm
US stocks climbed on Friday, boosted by strong retail sales data as Wall Street tried to snap a three-day losing streak.
The Dow Jones Industrial Average traded 308 points higher, or 1.1 percent. The S&P 500 gained by 0.8 percent and the Nasdaq Composite advanced by 0.9 percent, CNBC reports.
Retail sales jumped by 1.9 percent in September, easily topping a Dow Jones estimate of 0.7 percent. Excluding autos, sales were up by 1.5 percent. That is also better than a 0.4 percent estimate.
“The economy continues to show pockets of strength, but those pockets need to widen,” said Quincy Krosby, chief market strategist at Prudential Financial. “For those who still have their jobs, the economy has been healing.”
“The question is, if initial unemployment claims continue to rise, will we continue to see retail sales surprising to the upside,” Krosby added.
The market also got a boost after Pfizer said it would apply for emergency use of its coronavirus vaccine as soon as it reaches certain safety milestones that it expects to have in late November. Meanwhile, Europe’s aviation regulator said Boeing’s 737 Max jet is safe to fly again. Boeing shares won 5 percent.
Wall Street was coming off its third consecutive daily decline amid uncertainty around further coronavirus stimulus as well as fears of a worsening pandemic around the world.