Wall Street's main stock indexes fell on Wednesday after stronger-than-expected retail sales data offered more evidence of resilience in the U.S. economy, fueling worries that the U.S. Federal Reserve could stick to its rate-hike campaign.
retail sales surged 3% in January, driven by purchases of motor vehicles and other goods. Economists polled by Reuters had estimated a sales would increase by 1.8%.
"These numbers beat consensus by a long shot and it just shows that the consumer is still in a good spot," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "As a result of that, you see the yields are backing up and the dollar is strengthening. Obviously, if this trend continues, it just reinforces the notion that the Fed is going to continue to raise rates."
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