Breaking: U.S. May retail sales surge 17.7% in biggest monthly jump ever

The 17.7% headline gain including food sales easily topped the previous record from October 2001 and beat the 8% estimate from economists surveyed by Dow Jones.

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Retail sales alone powered 16.8% higher from a month ago, more than double the estimate of 8% from Dow Jones and reversing a 16.4% plunge from a month ago. Clothing and accessories stores reported the biggest percentage gain at 188% while sporting goods, hobby, musical instruments and book stores rose 88.2%.

The numbers added to an upbeat mood on Wall Street, with Dow futures most recently pointing to an opening gain of more than 900 points.

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