Oddbean

Stock market today: Wall Street leaps, and S&P 500 rallies 1.6% as US shoppers drive the economy - Boston News, Weather, Sports | WHDH 7News ========== Wall Street rallied to one of its best days of the year on Thursday, with the S&P 500 jumping 1.6% and the Dow Jones Industrial Average rising 1.4%. The Nasdaq composite also surged 2.3%. The rally was driven by data showing that the US economy is holding up better than expected, with strong spending by US shoppers. The encouraging economic report also led to a leap in Treasury yields. The stock market had been experiencing turmoil due to fears over a new Covid-19 variant and concerns about high interest rates. However, the positive economic data suggests a possible perfect landing, where the Federal Reserve slows the economy's growth just enough to stifle inflation without causing a recession. Walmart, Deere & Co., Cisco Systems, and Ulta Beauty were among the big companies that exceeded analysts' profit expectations. The S&P 500 is now back to within 2.2% of its all-time high set last month. #StockMarket #S&p500 #WallStreet #UsEconomy #UsShoppers https://whdh.com/news/stock-market-today-wall-street-leaps-and-sp-500-rallies-1-6-as-us-shoppers-drive-the-economy/