NEW YORK — Wall Street rallied to one of its best days of the year Thursday after data showed the U.S. economy is holding up better than expected, with particular credit going to the country’s shoppers.
The S&P 500 jumped 1.6% for its fourth-best day of the year and its 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 briefly falling close to 10% below it.
The Dow Jones Industrial Average rose 554 points, or 1.4%, while the Nasdaq composite burst 2.3% higher as Nvidia and other Big Tech stocks recovered more of their stumbles from the last month.
Treasury yields also leaped in the bond market following the encouraging economic report. One said U.S.
shoppers increased their spending at retailers last month by much more than economists expected, while another said fewer U.S. workers applied for unemployment benefits.
A year ago, such reports could have sent the stock market reeling on worries they would push inflation higher. But good news for the economy is once again good news for Wall Street, particularly after a report showed U.S.
employers pulled back on their hiring last month by much more than expected. That dud of a jobs report raised worries the U.S.
economy could buckle under the weight of high interest rates brought by the Federal Reserve, and it contributed to turmoil in stock markets worldwide. But Thursday’s reports hint a perfect landing may still be .