Morning Report 17 Jun 20: US sharemarkets lifted on Tuesday

A record jump in retail sales increased investor optimism about the US economic recovery. US Federal Reserve Chairman Jerome Powell said the US economy may be bottoming out in his semi-annual testimony to US Congress. Sentiment was also supported by reports the Trump administration is preparing a US$1 trillion infrastructure package following the Fed's decision yesterday to start buying individual corporate bonds. Shares of retail stores Nordstrom (+12.9%), Kohl's (+9%) and Gap (+8.5%) outperformed. The Dow Jones index rose by 526 points or 2%. The S&P500 index lifted by 1.9%. The Nasdaq index was up by 169 points or 1.8%.  

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