By Yasin Ebrahim
Investing.com — The S&P 500 Index rose on Thursday as quarterly results beat expectations from retailers and a rally in tech helped stocks end a seven-week streak of declines.
The rose 2%, the gained 1.7%, or 544 points, and the rose 2.6%.
Retailers – hit by a wave of selling pressure recently – have come back into vogue as strong results from Macy’s and Dollar Tree eased concerns about consumer strength.
Macy’s (NYSE:) raised its earnings outlook after reporting better-than-expected results in , buoyed by price increases amid strong demand. Its shares rose more than 18%.
Dollar Tree (NASDAQ:) jumped more than 21% after posting higher and lower as the discount retailer’s recent decision to raise prices to $1.25 boosted margin and growth.
The reopening of stocks, including Norwegian Cruise Line (NYSE:) and Caesars Entertainment (NASDAQ:), also helped lift the broader market as investors bet on strong travel demand for the summer months in to come.
Technology, meanwhile, saw gains, with big tech companies riding high as expectations of a Fed pause on rate hikes later this year were boosted by data showing a decline. unexpected economic growth in the first quarter.
Facebook (NASDAQ:) led the gains, up more than 4%, followed by Apple (NASDAQ:), Alphabet (NASDAQ:) and Microsoft (NASDAQ:).
Chip stocks also supported supply in the technology sector, thanks to a rally from Nvidia and Broadcom.
NVIDIA (NASDAQ:) reported better-than-expected results for the , but forecasts fell short of analysts’ estimates.
Some analysts aren’t convinced it’s time to jump in on the chipmaker, however, due to valuation concerns.
“NVDA’s valuation is arguably attractive at current levels. But, until there is more evidence that this quarter marks a bottom for gaming revenue, we believe investors will continue to struggle. with NVDA’s valuation,” Wedbush said.
Broadcom (NASDAQ:) gained more than 2% after announcing it would acquire VMware (NYSE:) in a $61 billion deal.
Twitter (NYSE:), meanwhile, gained more than 5% on renewed hopes that Tesla Chief Executive Elon Musk would press ahead with his plan to privatize the social media company, after the Tesla CEO (NASDAQ: ) raised its commitment to the deal to $33.35 billion.