Issue link: https://www.epageflip.net/i/34053
8B Daily News – Wednesday, June 15, 2011 A government report on retail sales in May was better than expected Tues- day, and that drove stocks higher for only the third time this month. The Dow Jones indus- Stocks shake off 2-week slump on retail sales news Wall Street NEW YORK (AP) — trial average jumped back above 12,000 and all three indexes had their best day so far in June. The government said retail sales edged down 0.2 percent last month, but economists had expected worse. And excluding weak car sales, retail sales rose 0.3 percent. Ameri- cans bought fewer cars during the month, but that was more a reflection of temporary supply chain disruptions caused by the earthquake and tsunami disaster in Japan. ‘‘The good news is the consumer is hanging in there,’’ said Rob Lutts, president and chief invest- ment officer of Cabot Money Management. The stronger report on retail sales sent the stocks of department stores and other retailers higher. Nordstrom Inc. and Home Depot Inc. rose 4 percent. J.C. Penney Co. jumped 17 percent after the department store chain named Ron Johnson, the man who pioneered Apple Inc.’s retail stores, as its next CEO. J.C. Pen- ney’s stock rose the most of any company in the S&P 500. The Dow Jones indus- trial average rose 123.14 points, or 1 percent, to close at 12,076.11. The Standard & Poor’s 500 index rose 16.04, or 1.3 percent, to 1,287.87. The Nasdaq composite index rose 39.03, or 1.5 percent, to 2,678.72. Five stocks rose for every one that fell on the New York Stock Exchange. The government also reported that wholesale prices rose in May by the smallest amount in 10 months. That helped to allay concerns among investors that rising food and energy costs would slow the economic recov- ery. Stocks have tanked over the past two weeks on concerns that the econ- omy is losing strength. The manufacturing indus- try is slowing, home sales are weak and the job mar- ket remains sluggish. Investors also are nervous because the Federal Reserve’s $600 billion bond-buying program is winding down at the end of June. The program was aimed at keeping interest rates low to encourage borrowing. The Dow and S&P 500 have lost 4 percent so far this month. The Nasdaq composite has lost 5 per- cent. Consolidated trading volume on the New York Stock Exchange was 3.7 billion shares. HURRY! FRIDAY TICKETS STILL AVAILABLE! SATURDAY’S PERFORMANCE IS ALMOST SOLD OUT! Elks Lodge 355 Gilmore, Red Bluff