Stocks shake off two-week slump
Wednesday, June 15, 2011
NEW YORK -- A better than expected retail sales report reversed a two-week slump in the stock market Tuesday, sending indexes higher for only the third day this month.
The Dow Jones industrial average jumped back above 12,000 and all three indexes had their best day so far in June.
The government said retail sales edged down 0.2 percent last month. Analysts had expected worse. Excluding weak car sales, retail sales rose 0.3 percent.
The stronger report on retail sales sent the stocks of department stores and other retailers higher.