S&P 500 rises to new closing record, boosted by solid earnings and U.S. economic data: Live updates
Traders work on the floor at the New York Stock Exchange on April 22, 2025.
Brendan McDermid | Reuters
Stocks rose on Thursday, buoyed by fresh economic data reports along with a slew of corporate earnings releases.
The S&P 500 added 0.54% for a record close of 6,297.36 — its ninth this year. The tech-heavy Nasdaq Composite advanced 0.74% for its tenth record close of 2025, ending at 20,884.27. Both indexes also touched fresh intraday all-time highs. The Dow Jones Industrial Average gained 229.71 points, or 0.52%, and settled at 44,484.49.
PepsiCo shares jumped more than 7% on the back of better-than-expected earnings. United Airlines gained 3% after the airline beat earnings estimates.
Quarterly earnings reports released this week have exceeded Wall Street’s expectations, fueling investor confidence. Around 50 S&P 500 components have reported thus far, with 88% of those exceeding analysts’ expectations, FactSet data shows.
Key data releases on Thursday reflected strength in the U.S. economy. The Labor Department reported that initial jobless claims for the week ending July 12 came out at 221,000, marking a decrease of 7,000 from the previous week.
Separately, retail sales in June rose more than expected, according to new data from the U.S. Census Bureau. Retail sales were up 0.6% from May, beating the 0.2% estimate from the Dow Jones consensus.
“A reassuring retail sales result comes at the perfect time as earnings season kicks into gear,” said Bret Kenwell, eToro U.S. investment analyst. “If earnings are more upbeat than expected and if management continues to tell a reassuring story about consumer spending, stocks could react favorably — even after a rally to record highs that some investors may view as overextended. At the end of the day, consumers are the backbone of the U.S. economy.”
Wall Street is coming off a rocky trading session after President Donald Trump denied that he was planning to fire Jerome Powell from his position as Federal Reserve chairman.
This week, the S&P 500 is on pace for a 0.6% advance, while the 30-stock Dow is tracking for a 0.3% gain. The Nasdaq is the outperformer thus far, up about 1.5% in the period.
