Bloomberg: S&P 500 is recovering after sharp correction

Bloomberg reports that the US stock market is rebounding for the second day in a row, continuing to recover after last week’s sharp drop of 10%. Shares of energy and industrial companies rose on the economic statistics, which, despite not meeting the expectations, managed to ease concerns regarding a US recession.

The S&P 500 index gained 0.6%, the Nasdaq 100 climbed 0.55%. The industrial index Dow Jones 30 was up 0.9%. Meanwhile, the Magnificent Seven Index, which tracks the shares of US tech corporations, decreased 1.1%. Over 90% of the companies included in the S&P 500 posted a rise, the news agency says.

US retail sales growth did not meet last month's forecasts, and January's data was revised downward. Nevertheless, the control group sales increased 1% in February after falling a month earlier.

Jennifer Timmerman of Wells Fargo believes the data indicates a moderate slowdown of the US economy, rather than an approaching recession.