The Dow finished more than 300 points higher on Thursday to claim its biggest one-day gain in more than five weeks as retail sales data showed a resilient consumer despite the Federal Reserve’s rate-hiking. The Dow Jones Industrial Average DJIA, +0.96% rose about 331 points, or 1%, ending near 34,907, according to preliminary FactSet data. That was its biggest daily percentage gain since August 7, according to FactSet. The S&P 500 index SPX, +0.84% closed 0.8% higher and the Nasdaq Composite Index COMP, +0.81% gained 0.8%. U.S. retail sales rose for a fifth straight month in August, climbing 0.6%, despite the Federal Reserve’s policy rate sitting at a 22-year high and worries about fizzling sales after Amazon’s Prime Day sales event in July.
This article was originally published by Marketwatch.com. Read the original article here.
