Stocks continued their winning ways on surprising economic data.
 | TUE, JUN 16, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | BA | 197.77 | +6.83 | +3.58% | | PFE | 33.40 | +0.04 | +0.12% | | MSFT | 193.57 | +4.63 | +2.45% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAL | 17.03 | +0.33 | +1.98% | | F | 6.55 | +0.05 | +0.77% | | GE | 7.47 | +0.23 | +3.18% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAL | 17.03 | +0.33 | +1.98% | | UAL | 40.21 | +1.21 | +3.10% | | AMD | 54.46 | -0.22 | -0.40% | |
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Not even the most optimistic economists could have seen the surge in retail sales coming. The U.S. government reported retail sales skyrocketed by a record 17.7% last month, blowing a Dow Jones estimated gain of 7.7% out of the water. That spike higher sent stocks flying as the major averages built on their sharp comeback in the previous session.  The data also points to an improving economic outlook as states continue to reopen after the coronavirus-induced shutdown of the economy. To be sure, sales remain well off their pre-coronavirus levels, as seen in the chart above. Federal Reserve Chairman Jerome Powell told the Senate Banking Committee that there is still "significant uncertainty" regarding the economic recovery, writes CNBC's Jeff Cox. "The levels of output and employment remain far below their pre-pandemic levels," Powell said. "Much of that economic uncertainty comes from uncertainty about the path of the disease and the effects of measures to contain it." Wall Street got some positive news on the coronavirus treatment front, however. Trial results announced Tuesday showed dexamethasone — a widely available steroid drug — can help patients who are critically ill with the coronavirus. Trial results announced Tuesday showed that the medication reduced deaths among severely ill Covid-19 patients by up to 33%. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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