Wall Street rallied to one of its best days of the year Thursday after data showed the U.S. economy is holding up better than expected, with particular credit going to the country’s shoppers.
The S&P 500 jumped 1.6 per cent, by 88.01 points overall, to 5,543.22 for its fourth-best day of the year and its sixth straight gain as the U.S. stock market rights itself following a scary few weeks. It’s back to within 2.2 per cent of its all-time high set last month after briefly falling close to 10 per cent below it.
S&P 500 |
The Dow Jones Industrial Average rose 554 points, amounting to 1.4 per cent eventually settling at 40,563.06 levels.
Dow jones |
While the Nasdaq composite burst 2.3 per cent and surged 401.89 points to 17,594.50 points higher as Nvidia and other Big Tech stocks recovered more of their stumbles from the last month.
Nasdaq composite |
Magnificent seven's performance
The Magnificent Seven stocks are a collection of prominent and influential U.S. stock market firms, including Tesla, NVIDIA, Amazon, Apple, Meta Platforms, Microsoft, and Alphabet.
Tesla share saw huge jump of 6.34 per cent on Nasdaq, amounting to USD 12.76 and closing at USD 214.14. The stocks touched a day-high price of USD 215.88.
The e-commerce giant Amazon, which rose 4.40 per cent on the US stock market,. Amazon's shares saw a jump of USD 7.49 per share, amounting to USD 177.49 per share at closing time.
Amazon share price |
The graphics card behemoth Nvidia Inc. also shot up with other tech stocks. Nvidia's share price saw a day-high price of USD 123.24 per share on the Nasdaq. The stock saw a rally of 4.78 per cent closing at USD 122.86.
Nvidia Inc. share price |
The social media platform Facebook's parent company, 'Meta' headed by Mark Zuckerburg, also soared high on Wall Street. Meta's shares closed at USD 537.33 per share. The stock saw a move of 2.01 per cent amounting to USD 10.57 per share on the Nasdaq Composite.
