US stocks pulled back from record highs Wednesday morning as investors weighed whether strong retail sales indicate a positive economic recovery or a signal that could dampen congressional urgency around passing the next stimulus bill.
US retail sales soared in January by the most in seven months. Sales grew 5.3% in January, the Census Bureau said Wednesday. Economists surveyed by Bloomberg expected spending to climb by 1%. The reading snaps a three-month streak of contracting sales and follows a revised 1% decline in December. The single-month expansion is also the largest since June.
With Trump’s impeachment in the rear-view mirror, Washington is focused on passing a COVID-19 relief bill. The House and Senate are on break this week, but the House Budget Committee will undertake the job of putting the proposals that make up the Biden relief package into a bill. Read more…..
Chart of the Day
CNBC’s “Halftime Report” team discusses how they’re investing amid the trading session’s market sell-off.