Stocks Rebound as Wall Street Shakes Off Inflation Worries: Live Updates

www.nytimes.com
6 min read
standard
Stocks Rebound as Wall Street Shakes Off Inflation Worries: Live Updates
Live RIGHT NOW Going out versus staying in: Alternative ways to measure the economy reopening.

Stocks rise, with S&P 500 on track for a weekly gain, amid signs of stronger European economic recovery. Stocks on Wall Street rose on Friday along with most European markets as data showed more evidence of the European economy strengthening as it emerges from lockdowns and vaccines are rolled out faster. The S&P 500 climbed 0.6 percent in early trading, a gain that would leave it in positive territory for the week. Trading this week was volatile after concerns about faster-than-expected inflation unsettled markets. But that abated somewhat on Thursday, after better-than-expected data on unemployment claims in the United States. On Friday, data on manufacturing activity in the United States and Europe showed a rapid pickup, as did retail sales data from Britain. The Stoxx Europe 600 rose 0.6 percent led by gains in consumer companies. One of the biggest gainers was Richemont, the Swiss luxury goods company that owns brands including Cartier and Montblanc. Richemont shares rose after the company reported its full-year results with strong growth in sales in Asia especially for its jewelry and watch brands. Oil prices rose. Futures of West Texas Intermediate, the U.S. crude benchmark, rose 1.4 percent to $63.48 a barrel. Economic data Retail sales in Britain surged in April as nonessential stores were allowed to reopen. The volume of sales increased 9.2 percent from the previous month, the Office for National Statistics said on Friday. It was more than double the forecast by economists surveyed by Bloomberg. Shopping for clothes stores led the resurgence.

Across the eurozone, activity in the services sector jumped in May. The Purchasing Managers' Index climbed to 55.1 points from 50.5 in April, IHS Markit said on Friday. A reading above 50 signals expansion. The index for manufacturing was little changed from the previous month at 62.8.

"Growth would have been even…
Eshe Nelson
Read full article