U.S. Stock Market Reaches New Heights Amid Positive Economic Data

NEW YORK, N.Y. — The U.S. stock market soared on Monday, hitting new intraday and closing records as investors reacted positively to strong economic reports. The S&P 500 index rose 0.14%, closing at 6,305.60, while the tech-heavy Nasdaq Composite jumped 0.38% to finish at 20,974.17.

Retail sales data revealed a 0.6% increase month-over-month in June, exceeding analysts’ expectations of 0.1%. Excluding auto sales, retail sales were up 0.5%, compared to the forecast of 0.3%. This good news gave a significant boost to the S&P 500, which managed to break the critical resistance level of 6,300.

Additionally, the Initial Jobless Claims report indicated that 221,000 Americans filed for unemployment benefits, lower than the anticipated 235,000 claims. The National Association of Home Builders (NAHB) Housing Market Index increased slightly from 32 in June to 33 in July, aligning with analyst consensus.

Market analysts are optimistic about the strength of the U.S. economy. As the S&P 500 tries to settle above the noteworthy 6,300 level, it aims for the next resistance level between 6,185 and 6,195. Meanwhile, the Nasdaq also claimed above the 22,900 resistance and eyes a new target of 23,500.

Todays’s gains were largely driven by major technology companies, including gains from firms like NVIDIA and Tesla. However, healthcare stocks faced challenges, contributing to declines in that sector. Overall, traders are hopeful about continued economic growth as earnings season progresses.