U.S. stocks are trading up over 1 percent as investors were drawn back into the market by strong retail data and perhaps oversold equities. Retail sales in the U.S. was not as bad as expected, and major retailer Best Buy (BBY) outperformed in the previous quarter. Major U.S. indices like the Dow Jones Industrial Average and S&P 500 were able to regain some significant footing lost after a six-week sell off in the market. Economic data from China also helped to lift up stocks, as industrial production from the world’s second largest economy grew 13.3 percent in May. Commodities prices also received a lift from the positive news, pushing oil up to $98 a barrel. Gold and silver prices continue to test key resistance levels, but there is some indication that the metals may be oversold.
Major U.S. Stock Indices
DJIA: 12,092.04 (+1.16 percent)
S&P 500: 1,289.32 (+1.38 percent)
NASDAQ: 2,680.51 (+1.55 percent)
Russell 2000: 794.52 (+1.92 percent)
In other news:
- Key Apple (AAPL) executive just got poached by J.C. Penney (JCP). [WSJ]
- Three years and $700 billion later, FDIC official says Wall Street firms were not too big to fail. [NY Times]
- Maybe JPMorgan (JPM) CEO was right. The proposed regulation from the Federal Reserve could cost banks 887,624 hours per year just to collect information. [Forbes]
- Muammar Qaddaffi could be strapped for cash. The Libyan dictator has been starved of funds by international sanctions and closed off from fuel supplies. Experts believe it may be only a matter of weeks before his regime falls. [Bloomberg]
- More self-directed investors are getting out of stocks and staying in cash. [Fox Business]
