An ETF that was impacted by the aforementioned news is the Consumer Staples Select SPDR (XLP), gaining nearly 1% in intraday trading, despite being down nearly 5% for the year; WMT is 12.5%.
Another indicator that the economy may be far from a recovery came from black gold. The volatile commodity fell below $57/barrel in intraday trading on the New York Mercantile Exchange. One reason crude oil declined was a report that indicated the world’s petroleum appetite will shrink even more than expected this year. This sent United States Oil (USO) is down 1% in morning trading.
The Dow Jones Industrial Average added nearly 0.5%, the S&P 500 gained about 1% and the Nasdaq was up nearly 1.3% in morning trading.
Kevin Grewal contributed to this article.