The S&P 500 jumped more than 2% on Thursday, extending gains from the previous day, as investors sought to end a seven-week losing streak in the index.
The move higher on Thursday came as investors continue to weigh the possibility of an economic recession against strong earnings results from retail companies like Dollar Tree, Dollar General, and Macy's which all soared more than 10% in Thursday trades after beating analyst estimates. The strong results were a relief to investors who were concerned about the earnings decline in Walmart and Target.
First-quarter GDP was revised slightly lower on Thursday, but retail consumption data was revised higher, signaling that consumers did not slow their spending in the first quarter despite rising inflation and higher interest rates.
At 4:00 p.m., the US indexes stood here. The close is on Thursday.
In the week ending May 21st, unemployment claims fell 8,000 to 210,000. The level of weekly jobless claims was the same prior to the start of COVID-19. After a spike in weekly unemployment claims, most economic recessions occur.
Tech stocks are on full display today after Nvidia released its first-quarter earnings results. The company gave lower second-quarter guidance due to the Russia-Ukraine war and disruptions in China. After falling by about 5% in early Thursday trades, it erased those losses and moved up 5%.
Musk fronted more of his own wealth to fund his $44 billion offer for the company. The total amount of equity for the deal will be raised to $33.50 billion from the initial $27.25 billion, according to the SEC 13D filing.
The stock saw renewed interest from investors on Thursday, with the stock extending its two-day rally to as much as 67%. The surge came a few days after the video game retailer launched a wallet.
The price of West Texas Intermediate crude oil rose as much as 3.38%. The international benchmark for oil, called Brent crude, rose as much as 2.96%.
The price of the digital currency fell as much as 5%. The price of ether fell as much as 9.31%.
The price of gold rose to $1,850.60 per ounce. There was no change in the yield on the 10-year Treasury.
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