Dow Jones Rallies as McDonald's Reports Recovering Sales, and Cisco Stock Is Upgraded
The combination of strong retail sales numbers and a potential breakthrough for treating severe cases of COVID-19 sent the Dow Jones Industrial Average (DJINDICES: ^DJI) higher on Tuesday. While the Dow opened nearly 3% higher, that gain had shrunk to 1.8% by 11:15 a.m. EDT today.
Overall U.S. retail and food services sales jumped 17.7% in May from April, according to data from the Commerce Department, but were down 6.1% compared with May of last year. Nonstore retailers saw a 30.8% surge in sales on a year-over-year basis as consumers shifted to e-commerce. While retail sales haven't yet recovered to pre-pandemic levels, they're improving quickly.
On top of the solid retail sales report, results from a clinical trial found that the inexpensive generic steroid drug dexamethasone reduced death rates by about one-third for people with the most severe cases of COVID-19. While a vaccine will still be required to prevent infections, this drug could lower the death rate substantially.
Source Fool.com
