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Aug 15 - Wall Street's main indexes closed higher on Thursday, with the Nasdaq rising more than 2% after July U.S. retail sales data signaled resilient consumer spending, allaying fears of an imminent recession in the world's largest economy.
Retail bellwether Walmart , rose after raising its annual profit forecast for the second time this year as Americans flocked to its stores for inexpensive essentials. A separate reading also showed the number of Americans filing new applications for unemployment benefits fell unexpectedly last week. Traders work on the floor at the New York Stock Exchange in New York City, U.S., August 8, 2024. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights.
The yield on two-year and 10-year Treasury notes rose after the data, with traders increasing bets for a 25-basis-point rate cut by the Federal Reserve to 76.5%, versus 65% before the data. According to preliminary data, the S&P 500 , gained 88.41 points, or 1.62%, to end at 5,543.62 points, while the Nasdaq Composite , gained 399.12 points, or 2.32%, to 17,591.72. The Dow Jones Industrial Average , rose 555.56 points, or 1.39%, to 40,563.95.
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