Wall Street Rises Again, Dow Records Continue
Wall Street continued to rally on Tuesday (February 10th), with the Dow Jones Industrial Average hitting another record—although the fuel wasn't data euphoria, but rather a combination of sector rotation and Fed expectations. The Dow rose around 239 points (+0.5%), while the S&P 500 and Nasdaq edged up slightly by +0.1%.
The market was briefly distracted after US retail sales data showed consumer spending stalled in December (0.0% month-on-month), far below expectations of +0.4%. November's figures had also previously looked strong. Essentially, consumers haven't "fallen," but their spending momentum doesn't appear to be as strong as expected.
While it may sound negative, the market reaction was actually quite restrained because the data reinforced the narrative: a cooling economy → a potential for more easing interest rates. That's why stocks remained in the green, while investors began to focus on the next releases: jobs data (Wednesday) and CPI (Friday), which will be the "direction bell" for the Fed's expectations.
This increase also extended the previous day's rally, as technology stocks began to recover from last week's pressure. Technically, market participants believe the broad index has regained its footing after briefly losing key support—hence, many consider yesterday's pullback a correction, not a trend change.
Source: Newsmaker.id
