The S&P 500 climbed for a fourth session, adding to this week’s rally after the U.S. and China agreed to temporarily slash tariff rates. Treasury yields also fell, providing a tailwind to stocks.
The Dow Jones Industrials moved skyward 271.69 points to conclude Thursday at 42,322.75.
Shares of Walmart dipped 1.2% after the company said it could raise prices in response to still-high tariffs from the Trump administration. Walmart reported better-than-expected earnings and revenue that matched Wall Street estimates.
The much-broader index recovered from early losses, collecting 24.35 points to 5,916.93.
The NASDAQ Composite dipped 34.49 points to 19,112.32.
Confidence in the immediate outlook for stocks has strengthened in the wake of last weekend’s talks between Treasury Secretary Scott Bessent and Chinese officials that appeared to stave off a short-term decline in economic activity and a ratcheting up in inflation.
Tech giants are putting up a strong showing week to date: Nvidia and Tesla are both up around 15% each, while Meta Platforms has added nearly 9% in the period.
Amazon ended 6% and Alphabet is up more than 7%. The NASDAQ Composite is higher by 6.6% this week, trailed by the S&P 500, ahead 4.5%, and the Dow, up 2.6%.
Shares of Foot Locker surged almost 86% after Dick’s Sporting Goods said it planned to acquire the retailer for $2.4 billion.
UnitedHealth slid nearly 11% after The Wall Street Journal reported, citing people familiar, that the Justice Department is probing the insurer.
A UnitedHealth spokesman later told news outlets that the insurer has not been notified by the DOJ of the “supposed” investigation reported.
Traders also assessed the state of the economy on Thursday, with an unexpected decline in wholesale prices last month. The producer price index for April declined 0.5% month-over-month, the Bureau of Labor Statistics said.
Economists polled by Dow Jones forecast PPI would increase 0.3% on the month. Retail sales increased 0.1% in April, which matched consensus estimates, while industrial production numbers for April decreased slightly more than expected.
Prices for the 10-year Treasury climbed, lowering yields to 4.44% from Wednesday’s 4.53%. Treasury prices and yields move in opposite directions.
Oil prices capsized $1.36 to $61.79 U.S. a barrel.
Prices for gold regained $48.90 to $3,227.20