Stock market today: Wall Street climbs as stocks worldwide rise

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NEW YORK (AP) — Stocks rose on Wall Street after a blizzard of reports suggested the U.S. economy is still humming, though inflation may be too. The S&P 500 climbed 0.8% Thursday. The Dow rose 331 points and the Nasdaq composite added 0.8%.

NEW YORK — Stocks rose on Wall Street after a blizzard of reports suggested the U.S. economy is still humming, though inflation may be too. The S&P 500 climbed 0.8% Thursday. The Dow rose 331 points and the Nasdaq composite added 0.8%. Some of the strongest action was in the bond market, where Treasury yields swung up, down and back again following reports on U.S. retail sales, inflation and unemployment. Chip designer Arm Holdings rallied in its public debut.

One report said U.S. shoppers spent more at retailers last month than economists expected. Such spending has been a linchpin for the economy, but it could also encourage retailers to keep trying to raise prices further. To try to get inflation back down to its 2% target, the Federal Reserve has been increasing interest rates sharply. The hope on Wall Street is that a slowdown in inflation since last summer means the Fed is done with its rate hikes, which slow the economy and hurt investment prices.

The yield on the 10-year Treasury initially jumped to nearly 4.30% immediately after the economic data’s release Thursday morning. But it later eased back, only to swing again. It was sitting at 4.28%, just above 4.25% from late Wednesday. Optimism that the Fed may be done hiking rates may be overdone, warned Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office.

Stocks of energy producers were also rising after oil prices rallied. Crude has been climbing for months as oil-producing countries try to support its price by curtailing their supplies. A barrel of U.S. crude rose back above $90, helping ExxonMobil to climb 1.8% and Marathon Oil to rise 2.2%.

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