Stocks, dollar gain on U.S. retail sales, drug trial
5 MIN READ
NEW YORK/LONDON (Reuters) – A record rebound in U.S. retail sales, fresh support from the Federal Reserve and Bank of Japan, and upbeat trial results for a COVID-19 treatment boosted risk appetite on Tuesday, driving equity markets higher and strengthening the dollar.
U.S. Treasury yields rose and demand for lower-rated southern European debt increased on the upbeat sentiment, even as a fresh coronavirus outbreak in China helped gold edge higher in see-saw trade.
A near 5% jump overnight by Japan’s Nikkei gave Asia its best day since late March, while the major European bourses rallied at least 3%. The three main equity gauges for Wall Street rose 2% or more, as did emerging markets.
U.S. retail sales jumped the most on record in May, offering new evidence the recession triggered by the coronavirus pandemic was drawing to an end, while trial results showed dexamethasone reduced death rates by about