U.S. stocks jumped on Tuesday after a record rise in May retail sales revived hopes of a swift post-pandemic economic rebound, with sentiment also lifted by data showing reduced COVID-19 death rates in a trial of a generic steroid drug.
A patchwork of national restrictions and a reluctance among travellers to cross borders mean European airlines face a bumpier return to the skies from coronavirus lockdowns than U.S. and Asian rivals.
National Retail Federation CEO Matthew Shay said the rebound is uneven with big-box retailers like Walmart and Home Depot reporting strong sales and small or mid-sized businesses struggling.
Global stocks were back firing on all cylinders on Tuesday as a record rebound in U.S. retail sales and fresh support from the Federal Reserve and Bank of Japan reignited risk appetite after a bumpy few days.
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Former Securities and Exchange Commission Chairman Harvey Pitt said investment banks could face legal challenges related to Hertz's secondary stock sale while in bankruptcy.
U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession triggered by the COVID-19 pandemic was over or drawing to an end.
Four senior executives are leaving Embraer SA , in addition to its commercial aviation chief, in the wake of a failed deal with Boeing Co and as a new chief executive reassess the jet maker's path forward, three sources said.
Amid the uncertainty of what college will look like come fall, one thing is for sure — it won't be the typical experience for students.
Ingka Group, the owner of most IKEA stores, said on Tuesday it had repaid aid received from the Serbian government to cover wages for furloughed staff during lockdown, and was about to do the same in Romania.
The share of people getting unemployment benefits last month exceeded the share of jobless workers. On its face, that seems impossible.
"I think this is a sign that things are coming back. Just coming back," CNBC's Jim Cramer said Tuesday.
U.S. business inventories fell more than expected in April as the COVID-19 crisis depressed imports, suggesting inventory investment could again be a drag on economic output in the second quarter.
Business conditions in the New York region began to show signs of improvement in June, and companies have started bringing their staff back to work and feel slightly more optimistic about the near-term future, according to a report released Tuesday by the New York Federal Reserve.