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May retail sales boost hopes of swift recovery on Wall Street


A trader adjusting his mask

(Reuters) - U.S. stocks advanced on Tuesday after a record surge in May retail sales revived hopes of a swift post-pandemic economic rebound, with sentiment also lifted by data showing reduced COVID-19 death rates in a trial of a generic steroid drug.

A Commerce Department report showed overall retail receipts rose 17.7% last month as Americans resumed spending after weeks of lockdown, although the rebound retraces only a fraction of the historic drops in March and April.


Retailers Kohl’s Corp and Nordstrom Inc surged 7% and 14%, respectively, and were among the top advancers on the S&P 500 index.

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