Key things

  • Microsoft, which hit an all-time high, led the Dow higher.
  • Amgen has moved up after poaching a top executive from rival Moderna.
  • American Express fell after an analyst warned of declining credit card sales.

The Dow Jones Industrial Average (DJIA) rose 1.3%, or about 430 points, after retail sales data showed Americans were still increasing their spending, a sign of resilience as inflation slows.

Retail sales rose 0.3% in May, beating Wall Street expectations for a decline. Initial jobless claims were also higher than expected, pointing to a possible softening of the labor market. The upbeat data helped lift stocks around the world S&P 500 and the Nasdaq are both up 1.4%.

Leading the Dow higher was Microsoft (MSFT), which climbed 3.1% to hit an all-time high of $347.89. Microsoft shares are up 45% so far this year thanks to investments in OpenAI artificial intelligence.

Each sector gained 1.3% thanks to technology, one of the best performing sectors of the day. Shares of Cisco Systems (CSCO) rose 1.9%, while Salesforce (CRM) gained 1.2%.

Amgen (AMGN) shares rose 2.6% on news that it hired rival Moderna’s (MRNA) Chief Medical Officer Paul Burton for a similar but expanded role at Amgen.

The most influential Dow component, UnitedHealth Group (UNH), rose 1.4% and rebounded from yesterday’s sale.

Only two of Dow 30 stocks ended the day in the red. Nike (NKE) shares then fell 0.4%. jumped nearly 6% yesterday.. American Express (AXP) shares also fell 0.4% after Citi warned that credit card spending was slowing.

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