Stocks rocketed this morning after the dollar continued its downward slide amid weak economic data. The Dow Jones Industrial Average gained 0.9 percent to 18,178 while the S&P 500 rose 0.8 percent to 2,110.
Investors seemed to key into the idea that the weak economic data and falling U.S. dollar against the yen and euro will keep interest rates from rising.
Retail shares, however, were mostly in the red due to the stagnant sales in April. J.C. Penney & Co., Macy’s Inc. and Target Corp. were all down between one and four percent. Kohl’s was down over 10 percent following its earnings report.