Stock Market Update Tuesday, June 16th, 2020
Futures were higher overnight after President Trump announced a $1 trillion dollar infrastructure plan meant to boost the economy.
Then futures saw another HUGE rally after a record setting Retail Sales report!
Retail spending was massive in May, up 17.7% vs the 8.4% that was expected.
Major indices were up big after the impressive report, with the DOW up 714 points at the open!
But after the initial pop higher, the major indices pulled back after Fed Chair Powell’s testimony before the Senate Banking Committee.
Although Powell didn’t drop any bombs, he reminded the world that there will probably be a long road to recovery.
After the sharp pullback in the morning, stocks traded sideways in the afternoon and finished positive for a 2nd day.
Here’s where the major markets ended the day:
|*As of market close|
Retail stocks are making a comeback with investors focusing on companies benefiting the most from the retail bump.
Kohls (KSS) saw a nice jump of 9.0% after May’s retail numbers.
Eli Lilly (LLY) was up big, rallying 15.6% today. The rally came after the drug maker reported positive results from a recent clinical trial. These trials showed the drug Verzenio had promising results in treating certain types of cancer.
Occidental Petroleum Company (OXY) was another winner, up 6.5%. Oil companies are forecasting more oil demand with the economy opening up. And oil’s rally to $38 a barrel was a good thing for OXY, considering that they say they can make a profit with oil in the low 30’s.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.