The U.S. stock market saw a significant rally on Thursday, propelled by better-than-expected corporate earnings and encouraging economic data. Â Nasdaq Composite jumped by over 2.3%, the S&P 500 rose by 1.6%, and the Dow Jones Industrial Average gained approximately 550 points, marking a 1.4% increase.Â
Retail giant Walmart led the charge, with its stock surging more than 6% following a positive earnings report. Â the company exceeded earnings and revenue expectations for the quarter and raised its full-year outlook, boosting investor confidence.Â
Adding to the market’s optimism, U.S. retail sales in July grew by 1%, far surpassing Wall Street’s 0.4% forecast. This robust performance highlighted the resilience of American consumers despite ongoing economic challenges.Â
The labor market also boosted, with weekly jobless claims falling to 227,000, below expectations. This drop reinforces the view that the U.S. labor market remains strong, even as it softens slightly, which is critical for the Federal Reserve’s upcoming policy decisions.Â
Technology stocks were solid, with the sector up nearly 12% for the month, driven by gains in major companies like Nvidia. This resurgence has helped the S&P 500 and Nasdaq Composite recover from losses incurred earlier in August.Â
In summary, a combination of strong earnings, solid retail sales, and a resilient labor market fueled Thursday’s stock market rally, easing recession fears and restoring investor confidence.
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