Stocks Hit Record Highs Despite Weak Retail Data
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Stocks popped on Thursday, with the S&P 500 hitting a fresh record high, despite a disappointing retail sales report raising concerns about the economy.
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The Dow rose 0.9% while the Nasdaq added 0.3%. Energy and Real Estate sectors led the market higher.
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January retail sales unexpectedly fell 0.8% month-over-month, dampening first quarter GDP growth forecasts. But could cool overheating economy concerns.
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Mortgage rates back above 7% as hopes for early Fed rate cuts retreat. Borrowing costs proving stubbornly high.
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Multiple big tech stocks under pressure, with Alphabet shares sinking 3% on OpenAI search rival worries. Chip stocks mostly lower.