The Nasdaq Composite added 10.7% in January, marking its best monthly performance since July 2022. Despite the macroeconomic headwinds, it has gained 15.3% year-to-date.
In addition, retail sales rose far more than expected in January as consumers persevered despite rising inflation pressures. The Commerce Department reported on Wednesday that advance retail sales for the month increased by 3%, compared with expectations for a rise of 1.9%.
