NEW YORK (AP) — 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.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — Wall Street is rallying to one of its best days of the year on Thursday following signals the U.
S. economy is holding up better than expected , with particular credit going to the country’s shoppers . The S&P 500 was up 1.
6% in late trading and on track for a sixth straight gain as the U.S. stock market rights itself following a scary few weeks .
It’s back to within 2.2% of its all-time high set last month after earlier falling nearly 10% below it. The Dow Jones Industrial Average was up 532 points, or 1.
3%, as of 3:15 p.m. Eastern time, and the Nasdaq composite was 2.
3% higher as Big Tech stocks recover more of their stumbles from the last month. Treasury yields leaped in the bond market following the encouraging economic data. One report said U.
S.