On Thursday, August 15, U.S. stock markets closed higher, with the Nasdaq leading the gains after July retail sales data showed strong consumer spending, easing concerns about a possible recession in the U.S. economy.
According to the economic data, U.S. retail sales increased by 1% in July compared to a revised 0.2% drop in June, surpassing market expectations of a 0.3% rise. Initial jobless claims in the U.S. fell by 7,000 to 227,000 for the week ending August 10, better than the anticipated 235,000. The NY Empire State Manufacturing Index improved to -4.7 in August, marking its highest level in six months.
Nine of the 11 major S&P 500 sectors advanced, led by consumer discretionary and information technology, while real estate and utilities stocks closed lower.
The ...
