S&P 500 Extends Its Rebound After Sharp Correction: Markets Wrap
- US retail sales rise by less than forecast after January drop
- Bessent not worried about market, calls corrections healthy
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US stocks climbed for a second day, extending the recovery from a sharp drop that reached 10% last week, as industrial and energy shares rallied on economic data that while missing forecasts was able to quell concern about an imminent recession.
More than 90% of the companies in the S&P 500 rose, overshadowing a slide in most megacaps. An equal-weighted version of the benchmark — one that gives Target Corp. as much clout as Apple Inc. — climbed 1.3%. While the latest economic data did little to alter traders’ bets on the Federal Reserve outlook, mixed retail sales brought some relief that consumer spending is not collapsing. As the chatter around tariffs subsided, equities continued to push away from technically oversold levels.