NEW YORK — Stocks rose on Wall Street Thursday as markets shift their focus back to the U.S. economy.
The Commerce Department upgraded its assessment of U.S. economic growth for the second quarter to 3%, compared to a previous estimate of 2.8%. It's another signal that the economy remains strong, despite pressure from stubborn inflation and high interest rates. Dollar General slumped 25% after cutting its earnings forecast. Best Buy jumped 12.8% after the nation’s largest consumer electronics chain beat Wall Street forecasts, even as sales slipped and it cut guidance.
The key report this week comes on Friday, when the U.S. government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve’s preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022.
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