U.S. stocks closed the highest yet this year on Tuesday thanks to positive retail data from December that offset concerns with Friday’s monthly jobs report.
“The biggest factor (driving the market) was the reassurance that people took from the retail numbers and the sales growth there. We’re now shifting back to the basic idea that the jobs number was something of an aberration, so we can go back to the positive tilt we had,” said Bruce McCain, chief investment strategist at Key Private Bank tells CNBC. The Commerce Department report says retail sales rose 0.2 percent last month.
The Dow Jones advanced 0.7 percent or 115.92 points. The S&P 500 climbed 19.68 points or 1.1 percent. And the Nasdaq gained 69.71 pointes or 1.7 percent to 4,183.01.