Wall Street jumps on upbeat retail guidance, easing Fed fears

Published by
Reuters

By Stephen Culp (Reuters) – Wall Street surged on Thursday in a broad rally as a raft of solid retail earnings and soft economic data eased lingering concerns that the Federal Reserve’s aggressive policy tightening would extend beyond expectations. All three major U.S. stock indexes were sharply higher, with economically sensitive consumer discretionary and microchip stocks beating the broader market. On a weekly basis, the S&P 500, Nasdaq and Dow are on track to snap their longest losing streaks in decades, and at current levels are poised to notch their biggest weekly gains since mid-March. …

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