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The government reported that retail sales rose 0.8 percent compared to the previous month, twice what analysts had been expecting. Skeptics noted that was less than February's 1 percent increase. They also wondered whether the buying was just a result of the mild winter, rather than a sign of recovery: If people are buying lawn mowers and other warm-weather goods now, then they probably won't be later in the year. Building materials and garden equipment enjoyed the biggest jump in March. "It's nice to see the retail sales were strong, but it's one month and it's one data point and it's not even the biggest data point," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati. "Honestly, jobs are much more important." Earlier this month, the government reported that the U.S. added 120,000 jobs in March, about half the pace of the previous three months.
Spain's borrowing costs climbed above the closely watched 6 percent mark as investors grew more worried about the country's ability to pay its debts. Seven percent is the rate at which other European countries have been forced to seek bailouts. Sweden cut its economic forecast for the year, saying that problems elsewhere in Europe were spreading its way. The yield on the 10-year Treasury note was steady at 1.98 percent. Among stocks making moves: Mattel plummeted more than 9 percent after reporting a 53 percent drop in first-quarter earnings. The country's largest toy maker is wrestling with lower sales of Hot Wheels and Barbies. It just bought HIT Entertainment, the company behind Thomas the Tank Engine and Bob the Builder. Endocyte doubled to $7.62 after reporting that Merck, the world's second-largest drugmaker, will develop and market its experimental cancer drug. Endocyte, based in West Lafayette, Ind., has no products on the market.
[Associated
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