Stock market today: Wall Street leaps, and S&P 500 rallies 1.6% as US shoppers drive the economy

NEW YORK — Wall Street rallied to one of its best days of the year Thursday after data showed the U.S. economy is holding up better than expected, with particular credit going to the country’s shoppers.

A year ago, such reports could have sent the stock market reeling on worries they would push inflation higher. But good news for the economy is once again good news for Wall Street, particularly after a report showed U.S. employers pulled back on their hiring last month by much more than expected. Walmart added to the optimism after it delivered a bigger profit for the spring than analysts expected, and its shares climbed 6.6% The retail giant also raised its forecast for sales for the full year, indicating U.S. shoppers can keep spending. Such spending by U.S. consumers makes up the bulk of the economy.

Ulta Beauty’s stock rose 11.2% to help lead the market after Warren Buffett’s Berkshire Hathaway revealed it has built an ownership stake in the retailer.

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