From Investing.com: 2024-08-15 15:13:57

U.S. stocks surged on Thursday as strong labor market and retail sales data eased economic slowdown fears, with the Dow rising 502 points, the S&P 500 up 1.5%, and the Nasdaq climbing 2.2%.

Retail sales in the U.S. rose by 1% in July, exceeding expectations and indicating consumer resilience, with an annual increase of 2.7% compared to the previous year’s 2.0% rise.

Despite a decrease in unemployment benefit claims, softer inflation and PMI readings have boosted expectations for an interest rate cut in September.

Walmart stock surged 6% after reporting strong second-quarter earnings, while Cisco Systems, Ulta Beauty, and Nike also saw stock gains. Tapestry had positive quarterly results above Wall Street estimates.



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