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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: S&P 500, Nasdaq surge as wild week on Wall Street continuesStocks rallied on Thursday as a fresh reading on weekly unemployment claims helped calm recession fears.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street slips as S&P 500 heads for its worst week since AprilNEW YORK (AP) — U.S. stocks are slipping on Friday, as businesses around the world scramble to contain the effects of a disruptive technology outage . The S&P 500 was 0.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street holds steady after an inflation report comes in as expectedNEW YORK (AP) — Wall Street is holding relatively steady after the latest update on inflation came in almost exactly as economists expected. The S&P 500 was up 0.1% in early trading Wednesday, coming off one of its best days of the year.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street opens higher after inflation report comes in better than expectedNEW YORK (AP) — U.S. stocks are rising, and Wall Street is relaxing a bit after the first of several highly anticipated reports on the economy this week came in better than expected. The S&P 500 was 0.
Source: SooToday - 🏆 8. / 85 Read more »