The S&P 500 Index rose 0.2 percent to 2,169.29, after edging lower Monday for second straight decline. That followed the gauge’s strongest weekly advance in two years.
As central bankers looks for signs of stronger growth, a report today showed sales at retailers rose more than forecast last month in a broad advance after an even stronger September than initially estimated, marking the biggest back-to-back increase since 2014. A separate reading on November manufacturing in the New York region unexpectedly rose.
“The retail sales data showed broad-based gains rather than just narrowly focused on home improvement and autos. That’s heartening,” said Brian Jacobsen, the chief portfolio strategist at Wells Fargo Funds Management LLC, which oversees $242 billion. “This is another data release that if the Fed had in hand when it met at the beginning of November, it probably would have hiked. The economic data isn’t likely going to derail this Trump-bump in the market. It could be handed off to a Santa Claus Rally.”
The Stoxx Europe 600 Index rose 0.2 percent. It has swung between intraday gains and losses for six sessions, matching a streak last seen in August, and has struggled to break out of a trading range of about 20 points since July.
This article was provided by Bloomberg News.