S&P 500 Hits Record on Strong Retail Sales | Closing Bell
July 17, 2025
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9:34Now PlayingS&P 500 Hits Record on Strong Retail Sales | Closing Bell
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as posted by the channelComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Norah Mulinda and Tim Stenovec.
Signs that the world’s largest economy is holding up lifted stocks a day after speculation about the fate of Federal Reserve Chair Jerome Powell rattled markets. The dollar climbed. Short-dated bonds fell. The crypto industry got a major win after Congress passed the stablecoin bill.
Economically sensitive shares outperformed after solid retail sales and a drop in jobless claims, with the S&P 500 briefly topping 6,300 and closing at an all-time high. The Russell 2000 gauge of small firms rose 1.2%. Tech gained as a bullish outlook from Taiwan Semiconductor Manufacturing Co. bolstered confidence in artificial-intelligence spending. In late hours, Netflix Inc. reported strong earnings and raised its forecast.
After a brief pause, the greenback resumed its advance for July - which is set to be its best month in 2025. Treasury two-year yields rose while those on 30-year bonds were little changed. Money markets continued to price fewer than two Fed rate cuts this year.
US retail sales saw a broad advance in June, tempering concerns about a retrenchment in consumer spending. Meantime, applications for US unemployment benefits declined for a fifth straight week to the lowest since mid-April, showing a resilient job market.
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