Another Data Defying Day As Retail Spend Plummeted

Stocks rallied to close the week, again showing resilience in the face of troubling economic data. An extension of the oil rebound and more positive reopening also provided some ballast to equities.

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  • The S&P 500 climbed 0.39%.
  • The Dow Jones Industrial Average advanced 0.25%
  • TheĀ Nasdaq Composite gained 0.79%
  • After being one of the Dow components worst hit by the novel coronavirus, Walt Disney (NYSE:DIS) was the index leader today on news Florida is taking steps to reopen theme parks, including Disney World in Orlando.

Onto the data, which were again dismal. A report released earlier today by the Federal Reserve indicates industrial production plunged 11.2% last month, the worst decline on record (and that data spans more than a century). Even with that, Dow members from the industrial sector 3M (NYSE:MMM) and Caterpillar (NYSE:CAT) closed higher today.

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Separately, the Commerce Department said retail spending tumbled 16.4% in April, far worse than the 12% drop economists expected. The April decline follows an 8.3% in March.

Data points like those are sure to cap gains, but the broader market moved higher

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