Retail firms lead US stocks to big gains

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US stocks opened higher on Monday, as the Standard & Poor’s 500 Index approached a record high as retailers accept the conclusion of the season’s better-than-expected quarterly business results.

The Dow Jones Industrial Average rose 39.03 points, equivalent to 0.14%, to 27,970.05 points, and the S&P 500 opened up 8.01 points, or 0.24%, to 3380.86 points, and the Nasdaq index increased 63.94 points, or 0.58%, to 11,083.25 points.

retail sales

On Friday, the US Commerce Department said that retail sales rose 1.2% last month from an advance of 8.4% in June. Economists polled by Reuters had expected retail sales to rise 1.9% in July.

This comes in light of the continued spread of Corona virus infections throughout the United States, forcing the authorities in some outbreak centers to either close activities again or suspend reopening. And the respiratory disease has caused consumers to warn about going to places such as restaurants and malls, which reduces spending.

The unemployment

The number of Americans filing for new unemployment benefits last week fell to less than a million for the first time since the start of the Covid-19 pandemic in the United States, most likely due to the expiration of the $ 600 weekly support deadline that discouraged some from submitting applications.

Last Thursday, the US Labor Department said that the total of new applications for government unemployment benefits, adjusted in light of seasonal factors, amounted to 963,000 for the week ending August 8.

This is the lowest level since mid-March, when the authorities began closing non-essential activities to slow the spread of the Corona virus.

And unemployment claims reached a peak in late March, when it recorded 6 million and 867 thousand.





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