STOCKS RALLY: Here's what you need to know
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Stocks leapt higher on Thursday after a boatload of economic data gave a clearer picture of nearly every corner of the economy.
All three indexes gained right around 1%, with the tech-heavy Nasdaq being the biggest winner.
We've got the headlines, but first, here's the scoreboard:
- Dow: 18,212.48, +177.71, (+1.01%)
- S&P 500: 2,147.26, +21.49, (+0.99%)
- Nasdaq: 5,249.69, +75.92, (+1.47%)
- WTI crude oil: $45.48, +0.35, (+0.79%)
- 10-year yield: 1.703%, (+0.014)
- Retail sales fell more than expected. US retail sales fell 0.3% in August according to the Commerce Department, more than the 0.1% decline forecast by economists. Consumers have become key to the US economy, so the disappointing number is concerning.
- Jobless claims stayed strong. The number of people claiming unemployment benefits remained under 300,000 for an astounding 80th week in a row, coming in at 260,000. The number was also better than forecasts of 265,000.
- We got a mixed picture on regional manufacturing. The Philly Fed's manufacturing index crushed expectations, coming in at 12.3 against projections of 1.0. On the other hand, the New York Fed's Empire State manufacturing index came in at -2.0, better than last month's -4.2 but worse than projections of -1.0.
- Bridgewater Associates, the world's largest hedge fund, is laying off staff. Ray Dalio's firm, with more than $150 billion in assets under management, said in an investor letter obtained by Business Insider's Richard Feloni that it is "bloated" and will be reducing its head count.
- Industrial production slumped. Industrial production fell 0.4% in August, according to the Federal Reserve, coming in weaker than the 0.2% decline that economists had forecast.
- The producer price index didn't budge. The measure of inflation at the producer level was unchanged in August from the month before, lower than economists' estimates of a 0.1% increase.
- Today marks the 8-year anniversary of Lehman Brothers' bankruptcy. On September 15, 2008, the investment bank Lehman Brothers filed for Chapter 11 bankruptcy in a dark day for the global financial system.
Additionally:
Grocery bills are shrinking and that's causing fast food sales to slow.
The number of people on food stamps is decreasing at the fastest pace on record.
The bond market looks... not great.
Americans are flipping homes like they haven't done since before the housing crash
A $9 billion hedge fund had some crazy excuses for its poor performance.
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