Markets Up on Retail Figures, Hope for Treatment

By:
Chris Gaetano
Published Date:
Jun 16, 2020
Markets spiked today, with traders responding to encouraging retail sales statistics as well as hopes of a new virus treatment.

As of 4:04 p.m., the Dow Jones Industrial Average was up by 526 points, the S&P 500 was up by 58 points and the Nasdaq was up by 169 points.

One factor driving today's market was news that U.S. retail sales rose by 18 percent in May after taking a beating during the previous two months. What's more, some sectors that had been hardest hit by the virus posted some of the strongest gains, such as clothing, rising by 188 percent, and furniture, which rose by 89.7 percent.

Traders were also encouraged by recent news that the steroid Dexamethasone was found to be effective in treating the coronavirus, as it cut the risk of death for those on ventilators by one third and by one fifth for those on oxygen. While other treatments are currently being studied, this was the first to show it actually saves lives. What's more, the drug is relatively cheap, with a full course costing about 35 British pounds, or about $44.

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