Stocks were modestly higher on Friday after a rally on Thursday saw the benchmark S&P 500 and tech-heavy Nasdaq Composite erase losses suffered during this month's sell-off. These gains have the major indexes on track for their best week of the year. After rallying more than 2% on Thursday, the Nasdaq was up about 0.2% in late afternoon trading on Friday. The S&P 500 also inched up about 0.2% while the Dow Jones Industrial Average climbed about 0.3%.
Thursday's gains were catalyzed by two key readings on the US consumer — monthly retail sales and Walmart's latest earnings report — which showed any recessionary fears triggered by the sharp drop in stocks at the beginning of the month are likely misplaced. "We've seen consistency with the consumer," Walmart's CFO told Yahoo Finance. "If you look at each month of the second quarter, they were all fairly consistent.
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