The News
Stocks surged as investors responded to positive US economic data. Jobless claims in the US dropped to a five week low, while consumer sentiment rebounded as retail sales grew by an “unexpectedly robust 1% last month,” The Wall Street Journal reported.
The slew of data has prompted traders to lower their expectations of an aggressive interest rate cut by the Federal Reserve when it meets next month, Bloomberg reported.
Even as inflation slows overall, however, shoppers remain selective: Sales at Walmart, which has made low prices its mantra, rose by 4% in the latest quarter, far surpassing expectations.