Stocks rose Thursday as Wall Street took in signals that pointed to a still-strong US consumer and labor market. The Nasdaq Composite (^IXIC) popped almost 1.2%, while the benchmark S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) rose about 1%.
In focus early Thursday were earnings from retail giant Walmart (WMT), as well as monthly government retail sales data and an update on jobless claims. For its part, Walmart shares surged more than 7% after a largely positive report in which it posted both earnings and revenue beats. The company also raised its full-year outlook.
Last month’s retail sales, meanwhile, soared far past Wall Street’s expectations in a sign that US consumers remain quite resilient. Retail sales rose 1% in July, above estimates for a 0.4% rise.
Also in focus is the normally routine update on weekly jobless claims. Last week, those claims fell more than forecast, sparking a market surge that has largely pervaded throughout this week. And they fell again this week to 227,000, shafting expectations for a pickup. As Yahoo Finance’s Josh Schafer writes, as inflation continues to ebb, the jobs market is “where the action is going to be” for the Fed in the near future.
After a brutal start to August, stocks have been on a tear, including in Wednesday’s session after the Consumer Price Index posted its slowest year-over-year increase since early 2021. The S&P 500 has nearly recouped all of its losses from a sell-off that began at the start of the month.
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