The Dow Jones Industrial Average experienced an impressive rally on Thursday, recording a surge of over 300 points, the highest one-day increase in more than five weeks. The index reached nearly 34,907 points, marking a 1% rise. This substantial gain is chiefly attributed to the strength of the U.S. consumer sector, as reflected in recent retail sales data.
The S&P 500 and the Nasdaq Composite Index mirrored the Dow's performance with an uptick of 0.8% each. This widespread positive trend among major indices underscores the resilience of the U.S. economy, standing firm in the face of the Federal Reserve's ongoing rate-hiking policy.
U.S. retail sales have consistently displayed robust growth, with data showing a steady rise for the fifth consecutive month in August. Sales rose by 0.6%, despite concerns over a potential deceleration following Amazon (NASDAQ:AMZN)'s Prime Day sales event in July and the Federal Reserve's benchmark interest rate hitting its highest level in 22 years.
Thursday's notable rise in the Dow marks its largest daily percentage gain since August 7, according to preliminary data from FactSet. These statistics highlight the enduring resilience of U.S. consumers and their sustained contribution to economic expansion amidst various economic pressures.
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