US stocks rallied on Thursday as investors were buoyed by strong earnings from domestic retailers Macy’s and Dollar Tree, easing some concerns that consumer spending has slowed.
The S&P 500 ended the day up 2 per cent, while the tech-heavy Nasdaq Composite advanced 2.7 per cent, the biggest gain for both in a week.
Discount stores Dollar Tree and Dollar General were among the biggest movers, rising 22 per cent and 14 per cent, respectively. Department store Macy’s raised its 2022 profit forecast, sending its shares up 19 per cent.
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