Stock market today: Wall Street roars closer to its records as US shoppers help drive the economy
Wall Street is rallying following signals the U.S. economy is holding up better than expected
NEW YORK — Wall Street is rallying closer to its records on Thursday following signals the U.S. economy is holding up better than expected, with particular credit going to the country’s shoppers.
The S&P 500 was up 1.3% in midday trading and on track for a sixth straight gain as the U.S. stock market rights itself following a scary few weeks. It’s back to within 2.5% of its all-time high set last month after earlier falling nearly 10% below it.
The Dow Jones Industrial Average was up 444 points, or 1.1%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 1.9% higher as Big Tech stocks recover more of their stumbles from the last month.
Treasury yields leaped in the bond market following the encouraging economic data. One report said U.S. shoppers increased their spending at retailers last month by much more than economists expected, while another said fewer U.S. workers applied for unemployment benefits.
A year ago, such reports could have sent the stock market reeling on worries they would push inflation higher. But good news on the economy is once again good news on Wall Street, particularly after a report showed U.S. employers pulled back on their hiring last month by much more than expected.
That dud of a jobs report raised worries the U.S. economy could buckle under the weight of high interest rates brought by the Federal Reserve, and it contributed to turmoil in stock markets worldwide. But Thursday's reports hint a perfect landing may still be possible, one where the Fed slows the economy's growth by just enough through high rates to stifle inflation but not so much that it causes a recession.
“The growth
Read more on abcnews.go.com
