Stocks rise and the dollar hits a 5-month high
Stocks rose Wednesday, on the heels of relatively solid US economic data. Retail shares led the way after Macy's reported solid results. Elsewhere, the 10-year Treasury yield ticked to its highest level since 2011, and the dollar rallied to a five-month high.
Here's the scoreboard:Dow Jones industrial average: 24,756.90 57.29 (+0.23%)
S&P 500: 2,721.48 10.03 (+0.37%)
AUD/USD: 0.7513 0.0043 (+0.58%)
ASX 200 SPI futures: 6,104.0 +10.0 (+0.16%)
- Italy could ask the European Central Bank for a write down on 250 billion euros in debt, leaked documents showed. Eurozone bond markets turned chaotic following the news, with yields spiking to multi-month highs.
- The dollar rallied to a five-month high. It rose as high as 93.63 on the US dollar index, which measures the greenback against its major peers.
- US industrial production rose in April, bolstered by an increase in manufacturing output. The Federal Reserve said the industrial sector grew 0.7% last month, matching the growth in March.
- Housing starts in the US dropped sharply last month. Rising material costs could be partly to blame after new residential construction projects fell 3.7% in April, a Commerce Department report showed.
- Oil prices rose on report US crude stockpiles fell for a second week. The price of crude held close to its highest level since 2014 after the Energy Information Administration reported US inventories dropped by 1.4 million barrels in the week ending May 11.
- Earnings season rolls on. Macy's reported earnings that topped easily expectations. Shares of the company rose more than 11% following the report.
Here is the upcoming economic calendar:
- US weekly unemployment numbers are out.