Wall Street was all smiles Thursday, as stocks surged across the board, signaling the resilience of the U.S. consumer and labor market.
The Nasdaq Composite jumped more than 2.3%, while the S&P 500 climbed over 1.6%.
Even the Dow Jones Industrial Average joined the rally, rising 1.4%, or roughly 550 points.
The spotlight was firmly on retail powerhouse Walmart, which delivered a double whammy of earnings and revenue beats, propelling its stock more than 6%.
The company didn’t stop there—it raised its full-year outlook, giving investors something to cheer about.
But Walmart wasn’t the only good news. July’s retail sales figures blew past expectations, rising 0.7% compared to the 0.4% predicted.
This leap underscored the staying power of the American consumer, defying the odds and proving yet again that when the going gets tough, the tough go shopping.
In another twist, the weekly jobless claims report—a typically routine update—played a starring role.
Claims fell to 239,000, defying expectations for an uptick.
This development could be pivotal for the Fed, as many experts believe the job market will be the Fed’s main focus in the coming months.
After a brutal start to August, stocks have found their footing.
With Wednesday’s Consumer Price Index report showing the smallest year-over-year increase since early 2021, both the S&P 500 and Nasdaq have clawed back all their early-August losses.
The message is clear: This market, much like the American business landscape, isn’t backing down anytime soon.
You May Also Like:
