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- UnitedHealth lifts profit view; shares climb
- June retail sales +1% vs est. 0.8%
- Indexes up: Dow 1.66%, S&P 1.34%, Nasdaq 1.07%
July 15 (Reuters) – U.S. stocks climbed on Friday as upbeat retail sales data allayed some concerns about an imminent recession, while investors scaled back bets of a supersized interest rate hike this month after comments from Federal Reserve policymakers.
The benchmark S&P 500 (.SPX) and the blue-chip Dow (.DJI) rose after a five-day run of losses, which were mostly fanned by worries of a 100 basis points rate hike at the July policy meeting following hot inflation data.
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Moving interest rates too dramatically could undermine the positive trends still seen in the economy and add to the already large amount of uncertainty, Atlanta Fed President Raphael Bostic said.
Two of the Fed’s most hawkish policymakers on Thursday said they favored another 75 bps rate increase this month. read more
“The debate of a rate hike of a 100 basis points was keeping the market on edge,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
