Oddbean

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; The S&P 500 was up 1.6% in late trading and on track for a sixth straight gain; The Dow Jones Industrial Average was up 532 points, or 1.3%; The Nasdaq composite was 2.3% higher as Big Tech stocks recover more of their stumbles from the last month; U.S. shoppers increased their spending at retailers last month by much more than economists expected; Fewer U.S. workers applied for unemployment benefits; Walmart delivered a bigger profit for the spring than analysts expected, and its shares climbed 6.6%; Deere & Co. reported stronger profit and revenue than expected; Cisco System’s profit and revenue for the latest quarter squeaked past analysts’ forecasts; Ulta Beauty’s stock rose 11.5% after Warren Buffett’s Berkshire Hathaway revealed it has built an ownership stake in the retailer; The 10-year Treasury yield clambered up to 3.91% from 3.84% following the strong economic data; The two-year Treasury yield jumped to 4.09% from 3.96%; Traders widely expect the Federal Reserve to cut its main interest rate at its next meeting in September; The Russell 2000 index of smaller stocks rose 2.7% to help lead the market; Indexes also rose in much of Asia and Europe. #StockMarket #UsEconomy #WallStreet #Shoppers #EconomicData https://lancasteronline.com/business/stock_market/stock-market-today-wall-street-roars-closer-to-its-records-as-us-shoppers-help-drive/article_7f841bca-844d-50c3-aa0f-3e38d5e98094.html