Dow Jones Industrial Average rises 60 points

Biggest retail sales drop ever

U.S. monthly retail sales fell by 16.4% in April, a record. So-called core retail sales — which exclude auto, gas, food and building materials sales — dropped 15.3%. Meanwhile, The Trump administration moved to block semiconductor shipments to Chinese company Huawei. Hu Xijin, editor-in-chief of Chinese state-run publication Global Times, tweeted on Friday that China would “restrict or investigate” U.S. companies including Qualcomm, Cisco Systems and Apple if the U.S. takes further action to block Huawei’s supply chain. To be sure, a turnaround in retail stocks and gains in oil prices — along with better-than-expected consumer sentiment data — helped offset the concerns over consumer spending and trade.

Retail stocks rise, chipmakers fall

What happens next?

Source link

Products You May Like

Articles You May Like

Amid pandemic, college-bound students to miss out on billions in aid
Expanded unemployment benefits may bump people from welfare, other aid
So your company has said you can work from home forever—now what?
The Dow is headed back to coronavirus crash level below 19,000: CFOs
Inside tidying expert Marie Kondo’s work-from-home routine

Leave a Reply

Your email address will not be published. Required fields are marked *