Stocks rose after a strong reading on industrial production outweighed concern about a slowdown in consumer spending that could hurt Corporate America.
Equities hovered near all-time highs, with the S&P 500 approaching its 5,500 mark. A drop in most tech megacaps curbed a bigger adance. Treasuries pared gains. Swaps priced in less than two Federal Reserve rate cuts this year.
U.S. industrial production increased in May, helped by a broad-based pickup in factory output in a positive sign for a manufacturing sector that has been struggling for momentum. Separate figures showed retail sales barely rose in May and prior months were revised lower, suggesting greater financial strain among consumers.
“So far, the economy could pull off a soft landing, especially if the Fed is quick to adjust policy as conditions change,” said Jeffrey Roach at LPL Financial.
Fed Bank of New York President John Williams told Fox Business the U.S….
