Wall Street saw a strong rally that brought it closer to previous record highs after indications that the U.S. economy is performing better than anticipated. The S&P 500 surged by 1.6% on Thursday, recording its sixth consecutive gain and demonstrating stability after recent tumultuous weeks. The Dow Jones Industrial Average also rose by 1.4%, while the Nasdaq composite witnessed a 2.3% increase.

The bond market experienced a surge in Treasury yields as reports revealed that consumers had intensified their spending at retailers in the previous month, coupled with a decrease in the number of individuals applying for unemployment benefits. Walmart’s shares soared after the company upgraded its sales forecast. Despite the positive indicators, there is still an expectation on Wall Street for the Federal Reserve to reduce interest rates next month.

Detailed movements on Thursday were as follows: The S&P 500 climbed 88.01 points to 5,543.22, the Dow Jones Industrial Average increased by 554.67 points to 40,563.06, the Nasdaq composite rose by 401.89 points to 17,594.50, and the Russell 2000 index of smaller companies saw a 51.15 point gain to 2,135.47.

For the week, the S&P 500 has gone up by 199.06 points or 3.7%, the Dow rose by 1,065.52 points or 2.7%, the Nasdaq surged by 849.19 points or 5.1%, and the Russell 2000 increased by 54.55 points or 2.6%.

Year-to-date figures show notable gains as well: The S&P 500 has risen by 773.39 points or 16.2%, the Dow is up by 2,873.52 points or 7.6%, the Nasdaq has surged by 2,583.14 points or 17.2%, and the Russell 2000 has gained 108.40 points or 5.3%.