News > Wall Street surges over 1.5% on upbeat forecasts from retailers

Wall Street surges over 1.5% on upbeat forecasts from retailers

CNBC TV18 | 27/05/2022 11:17 PM | Click to read full article

US stock indexes climbed in a broad-based rally on Thursday after upbeat annual forecasts from several retailers, while data confirmed the U.S. economy contracted in the first quarter, easing concerns about aggressive interest rate hikes.

All of the 11 major S&P sectors advanced, with consumer discretionary up 4.1%, followed by a 1.9% rise in the financials sector.