What Inflation? Apple and Facebook Drive Wall Street Rally
Benchmark U. S. 10-year Treasury note yields hit a four-year high,
but a key measure of near-term volatility fell, in contrast to its reaction to strong U. S. jobs and wages data earlier in the month.
But those inflation concerns were tempered by data showing U. S. retail sales fell 0.3 percent last month, the biggest decline in nearly a year
and in sharp contrast to economists’ estimates for a 0.2 percent increase.
The fourth straight day of gains in the S&P 500 saw a return to the "fear of missing out" mentality
that accompanied Wall Street’s rally in recent months ahead of a slump last week into correction territory.
They, along with Netflix and Alphabet - collectively called the FAANG stocks - were major contributors to last year’s market rally, and all
but Alphabet have weathered the recent selloff better than the broader market.
"There is still a fear of missing out."
Since Thursday, the S&P 500 has surged 4.56 percent, its strongest four-session performance since mid-2016.
