Nasdaq jumps 2.3%, Dow up 550 points on fresh economic data

Stocks closed out Thursday's session higher (^DJI, ^IXIC, ^GSPC). The Nasdaq Composite rose by over 2.3% while the Dow Jones Industrial Average saw gains of over 550 points after positive data in the form of July's US retail sales and lower initial jobless claims for the prior week came out this morning.

Julie Hyman and Jared Blikre look back on the performances of the major market averages, including the tech-heavy Nasdaq 100 (^NDX) and Russell 2000 small cap index (^RUT).

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video Transcript

There's the closing bell on Wall Street, and now it is market domination.

Over time, we're joined by Jared Bli to get up to speed on the action.

From today's session, I'll start with where the major averages ended up here.

We've got the Dow higher by 555 points.

That's a gain of one and a third percent.

The S and P 500 up 1.6% and the NASDAQ up 2.3%.

Now all of this or a lot of it having to do with the economic data this morning, jobless claims coming in lower than estimated, therefore better than estimated.

And remember, there's been a lot of concern about the labour market and a lot of perception that the Fed might be behind the ball when it comes to cutting rates.

On the other hand, we had retail sales as well, rising 1%.

That's better than estimated, although a lot of that gain having to do with autos and gasoline station sales nonetheless saw broad based strength in retail sales and see broad based strength here as well as we pointed out earlier, the also 2000 up 2.5% as well.

Volatility back down again.

Is everything OK now?

Jared?

Everything's fine now.

Is that Is that what's going on?

Yeah, I I'd like to see it with a 12 handle.

I'm talking about the vics here, but splitting, splitting hairs.

You know what I think is impressive.

Is that the NASDAQ 100 up 2.5% today.

So is the Russell 2000.

So the very biggest stocks and the NASDAQ 100 has some of those big mega stocks as well as the Russell 2000, which is small cap.

So really seeing it across the spectrum and this rally that we've had since basically the fifth has just exploded to the upside.

Uh, you can look at a five day total.

Here's a sector action.

Uh, tech is up 8%.

In fact, it's one of the I believe it's the only out performer under certain metrics.

Although consumer discretionary, that's what got a boost from retail sales this morning.

That is up 5% as well.

Let's dial back what happened today.

Only real estate in the red, and we want to switch over to our leaders and here.

We see that Socks.

That is a Philly, uh, semiconductor index that is up almost 5%.

And guess what arc is up.

4.5%.

That's the Arc Innovation Fund.

So disruption that unprofitable tech in X RT that retail ETF That's a 4%.

Then we have the magnificent seven ETF.

What did not do?

Well, today we got crypto that was down about 3%.

That's G, BT, C and, uh, Bonds.

So other than that, it was just a broad based rally that we've seen once again.

And we take a look at the NASDAQ 100 seeing a lot of dark red there.

NVIDIA and Amazon each up more than 4%.

Tesla up 6%.

Broadcom 5%.

So, you know, I don't think there's that much more upside that we need to see before We're talking about record highs again in the major indices, but not the Russell guys