Wall Street Opens Higher on Thursday.
New York, 26 May 2022
Stocks in the United States gained on Thursday morning, keeping markets on track to end a seven-week losing skid.
The Dow Jones gained more than 400 points, lifted by robust retail data.
Meanwhile, the S&P 500 and the Nasdaq were both up more than 1% for the second day, as traders digested the latest FOMC minutes, which indicated the Fed will raise the fed funds rate by 50 basis points in both June and July.
What moved the markets
Markets were boosted early in the afternoon by a comeback in retail profits, with Macy's (M) soaring as much as 12% in early trade after the retail behemoth upped its profit projection, surprising investors who were assessing a series of lower forecast revisions from peers.
Discount retailers Dollar Tree (DLTR) and Dollar General (DG) both saw their stock rise more than 13% after raising their estimates on Thursday.
(Written and edited by: The Decision Maker - Finance editors in New York)