The stock market rallied on Thursday following the release of strong economic data, including U.S retail sales and initial unemployment claims. Cisco Systems and Walmart were two early earnings winners on the stock market that day.
The Dow Jones Industrial Average rose 1.2%, or 475 points, after the opening bell, while the S&P 500 gained 1.1% and the Nasdaq composite moved up 1.4%. The 10-year Treasury yield jumped to 3.93%, and oil prices climbed above $78 per barrel.
Retail sales for July increased by 1%, surpassing estimates, and initial jobless claims dropped to 227,000. Cisco stock jumped 8.5% after reporting better-than-expected earnings, while Walmart beat second-quarter estimates and raised its full-year earnings outlook.
Other key earnings movers for the day included Alibaba, Deere, and JD.com. Alibaba shares fell, Deere stock rose, and JD shares climbed after the opening bell.
Overall, it was a positive day for the stock market with many companies showing strong performance. Investors are advised to keep an eye on key indicators and stay informed about market trends for better decision-making.
