Dow Reaches Longest Winning Streak in 16 Years as Retail Sales Beat Expectations

After another day of gains on Wednesday, the Dow Jones Industrial Average reached its longest winning streak in more than sixteen years. Positive data was released from the Commerce Department which announced that retail sales rose 1.1% last month–a figure much higher than originally forecast. These numbers pushed the dollar up to a seven month high. Walgreen Co. (WGN) and Netflix (NFLX) shares gained on Wednesday while Spectrum Pharmaceuticals Inc. (SPPI) stumbled nearly 39% after releasing a yearly forecast that was below investor expectations. Boeing (BA) traded higher after the Federal Aviation Administration approved its plan to test a redesigned battery. The Federal Reserve announced on Wednesday that from now on it will not release their monetary policy statements until 2 p.m. Eastern time instead of 12:30 p.m.

Word on the Street

• February retail sales increased 1.1% to a seasonally adjusted $421.4 billion.
• Netflix Inc. (NFLX) gains on Wednesday after announcing plans to link up with Facebook (FB).
• Spectrum Pharmaceuticals (SPPI) tumbles almost 39% after forecasting a drop in sales.
• Italy has first bond auction and sees yields rise after credit rating downgrade.
• Andy Rubin, leader of Google’s (GOOG) Android division decides to step down.
• Oil prices settle lower for the first session in five on higher supplies and weakened global demand.
• Boeing (BA) Approved to Test Battery, Receives Large Order.

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