S&P 500, Nasdaq hit record closing highs; Lululemon gains, data supports rate cut view
Lululemon Athletica and other companies and as U.S. jobs data fueled expectations the Federal Reserve would cut interest rates this month.
The Dow finished lower, as a 5.1% drop in UnitedHealth Group shares weighed on the index.
The S&P 500 consumer discretionary index rose 2.4% to hit an all-time closing high. It led gains among sectors, boosted by Lululemon.
Shares of Lululemon Athletica jumped 15.9% after the sportswear maker increased full-year forecasts.
Also in the consumer discretionary space, shares of cosmetics retailer Ulta Beauty advanced 9% after the company raised its annual profit forecast.
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