On Thursday, US stocks and bonds maintained their inflation-driven gains from the previous day as traders analysed data showing a slight uptick in US retail sales. According to statistics released on Thursday, retail sales in the United States climbed firmly in December, but below expectations. Stocks rose on Wednesday after US core inflation eased.
Separate data revealed that, while the number of Americans filing new unemployment claims grew more than expected last week, it remained at levels consistent with a strong labour market. That was enough for US stock indexes to cling onto the majority of their gains from the previous day. The Dow Jones Industrial Average dropped 86.20 points, or 0.20%, to 43,135.52, while the S&P 500 slid 4.24.
On Wednesday, all three major indexes posted their largest daily percentage gains since November 6 – the day after the US presidential election – following a benign US inflation report that showed core inflation, which excludes food and energy prices, increased by 3.2% over the previous year, falling short of forecasts of 3.3%. Bonds also rose substantially in response to the data, with the 10-year Treasury yield falling 13.5 basis points on Wednesday, the largest daily drop since mid-November. US/]
It was 2 basis points higher on Thursday, at 4.67%, but still significantly below the 4.80% it reached at the start of the week. With Thursday’s statistics behind them, investors are turning their attention to US politics, as they consider how to price an upcoming Donald Trump presidency.
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