US stocks slide from record highs as traders digest blowout retail-sales report
Emily GraffeoFeb 17, 2021, 20:47 IST
REUTERS/Brendan McDermid
US retail sales surged 5.3% in January, the most in seven months.
Bitcoin rose to a new high above $51,700 while
oil prices remained elevated.
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.