Stock market today: Wall Street rallies closer to records as US economy holds up better than feared

NEW YORK — Wall Street is rallying following signals the U.S. economy is holding up better than expected. The S&P 500 was up 1% early Thursday. The index is on track for a sixth straight gain following a scary few weeks. The Dow Jones Industrial Average was up 518 points, or 1.3%, and the Nasdaq composite rose 1.2%. Treasury yields leaped in the bond market following the encouraging economic data. One report said U.S.

Japan’s Cabinet Office data showed the world’s fourth largest economy grew at an annual rate of 3.1% in the April-June period, a rebound from the contraction in the previous quarter. A major element of uncertainty, which had focused on currency fluctuations and interest rates, has become the political sector, as Japan’s governing Liberal Democratic Party picks a new leader after Prime Minister Fumio Kishida said he wouldn't seek reelection. The next leader is likely to be from his party, signaling continuity in Japan’s basic pro-U.S., pro-business policies, but there is no clear successor.

Data from the U.S. government said consumers paid prices that were 2.9% higher last month for gasoline, food, shelter and other things than a year earlier.

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