Market Watch: Americans are Spending $ despite worries

Despite the Dow Jones Industrial Average being down over 8 percent-year to date; the NASDAQ down over 13 percent so far this year and the S&P 500 down over 8 1/2 percent, Americans are spending money on retail goods. Consumer discretionary spending gained more than 2 percent to lead the S&P 500 higher today.  The U.S. Commerce Department said that core retail sales, (which exclude cars, gas, building materials and food services) increased 0.6 percent last month after a 0.3 percent decline in December. Today’s gains on Wall St. came despite another 40 cent drop in the price of oil which closed at $29.04 a barrel.

See more from CNBC below as to why the markets turned positive today.

Here are the final numbers from Tuesday, 2/16/16 on Wall Street

Dow Jones Industrial Average: 16,196.41 (+222.57 / +1.39 %)

NASDAQ: 4,435.96  (+98.44 / +2.27 %)

S&P 500: 1,895.58  (+30.80 / +1.65 %)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
- 23 hours ago
Phil Cannella
Phil Cannella

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