It has been reported that there has been a huge drop in the US retail sales in the month of May. It was followed by a big jump in the month of June. The retail sales were down by 1.2% as compared to April. This was the first ever drop in last eight months but the economists have expected to have a hike of 0.4% in coming days.

A consumer confidence index has raise to 75.5 in June against an expected figure of 74.5.

These data has been published in quick succession and thrilled the stock markets. Initially the markets fell due to the decline in retail sales but then it has gained the momentum.

The Dow Jones Index was opened at a 0.8% down and the European markets saw gains right from the morning just after the Commerce Department announced the retail sales data.

But just after the trading of New York opened the University of Michigan had published the new consumer confidence report which was on its highest level since 2008. The total sales in May were still 6.9% higher than that of the recession period a year ago.