Wall Street rallied to one of its best days of the year on Thursday following signals that the economy is holding up better than expected, per the AP.
- The S&P 500 rose 88 points, or 1.6%, to 5,543.
- The Dow rose 554 points, or 1.3%, to 40,563.
- The Nasdaq rose 401 points, or 2.3%, to 17,594.
Treasury yields also leaped in the bond market following the encouraging economic data. One report said US shoppers increased their spending at retailers last month by much more than economists expected, while another said fewer US workers applied for unemployment benefits. Thursday's reports hint that a perfect landing by the Federal Reserve may still be possible, one where the Fed slows the economy's growth by just enough through high rates to stifle inflation but not so much that it causes a recession. "The growth scare isn't over, but it's a little less scary," said Brian Jacobsen, chief economist at Annex Wealth Management.
In the markets, Walmart delivered a bigger profit for the spring than analysts expected, and its shares climbed 6%. Deere & Co. rode 7% higher after the seller of backhoes, dozers, and other equipment reported stronger profit and revenue than expected. Cisco System's profit and revenue for the latest quarter squeaked past forecasts, and its stock jumped 6% after the maker of networking equipment said it would eliminate thousands of jobs as it shifts to faster-growing areas of technology. Ulta Beauty's stock rose 11% to help lead the market after Warren Buffett's Berkshire Hathaway revealed it has built an ownership stake in the retailer.
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