U.S. stocks opened sharply higher on Tuesday after a surge in retail sales in May suggested consumers, the engine of the U.S. economy, were gaining steam again.
Major equity benchmarks are looking to cover lost ground after last week's selloff, the biggest such decline since March. The Dow Jones Industrial Average DJIA, +2.68% advanced 818 points, or 3.2%, to 26,582. The Nasdaq Composite COMP, +2.20% rose 2.2% to 9,940. The S&P 500 SPX, +2.44% climbed 2.
7% to 3,150. Retail sales jumped 17.7% last month, after tumbling a record 14.7% in the prior month. Investors have also noted the Federal Reserve will begin purchases of individual corporate bonds for the first time on Tuesday. And discussions of a $1 trillion infrastructure bill has also helped to buoy risk assets.
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