On Tuesday, July 16th, U.S. stock markets closed higher, with the Dow Jones Industrial Average hitting a record high after U.S. retail sales data suggested the Federal Reserve is nearing the end of its easing cycle, controlling inflation without causing a recession.
In economic data, U.S. retail sales remained flat in June compared to a revised 0.3% increase in the previous month. Import prices were unchanged from the prior month, while export prices in the U.S. fell by 0.5% in June.
Among the 11 major sectors in the S&P 500, industrials saw the highest percentage gains, while technology and communication services were the only two sectors to close in negative territory.
The Dow Jones Industrial Average was up 0.53% and closed at 40,211.72. The S&P 500 gained 0.28%, ending the day at 5,631.22, and the Nasdaq Composite rose 0.42%, finishing the session at 18,475.86.
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