Wall Street rallied closer to its record highs following signs that the U.S. economy is holding up better than expected.
The S&P 500 jumped 1.6% Thursday. The index marked its sixth gain in a row and has stabilized after a scary few weeks. The Dow Jones Industrial Average jumped 1.4%, and the Nasdaq composite added 2.3%.
Treasury yields leaped in the bond market following reports that shoppers increased their spending at retailers last month and fewer workers applied for unemployment benefits. Walmart rose sharply after raising its sales forecast. Wall Street still expects the Federal Reserve to cut interest rates next month.
On Thursday:
The S&P 500 rose 88.01 points, or 1.6%, to 5,543.22.
The Dow Jones Industrial Average rose 554.67 points, or 1.4%, to 40,563.06.
The Nasdaq composite rose 401.89 points, or 2.3%, to 17,594.50.
The Russell 2000 index of smaller companies rose 51.15 points, or 2.5%, to 2,135.47.
For the week:
The S&P 500 is up 199.06 points, or 3.7%.
The Dow is up 1,065.52 points, or 2.7%.
The Nasdaq is up 849.19 points, or 5.1%.
The Russell 2000 is up 54.55 points, or 2.6%.
For the year:
The S&P 500 is up 773.39 points, or 16.2%.
The Dow is up 2,873.52 points, or 7.6%.
The Nasdaq is up 2,583.14 points, or 17.2%.
The Russell 2000 is up 108.40 points, or 5.3%.
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