STORY: Wall Street saw another session of gains Thursday, putting the stock market on track to snap the longest string of weekly declines in decades.
The Dow ended up 1.6%, notching its fifth straight day of gains. The S&P 500 finished up 2%, while the Nasdaq closed up about 2.7%, powered by gains in Apple, Tesla and Amazon.com.
Jay Hatfield, chief investment officer at ICAP, says he believes the worst is over after stocks last week fell within striking distance of a new bear market.
“The stock market bottomed out on the S&P(500 index) at around 3,800. And so now we're rallying off that level and seeing if we run into resistance, which we might a little bit higher from here, maybe 4,400. So we think we're rangebound but that we should have lower volatility and more stable both bond and stock prices as hawkish Fed policy gets priced into the market."
Upbeat earnings outlooks from retailers this week appeared to offset profit warnings from peers including Walmart and Target in recent weeks amid decades-high inflation.
Macy's jumped more than 19% after raising its annual profit forecast and reporting strong demand for high-end apparel and luxury items.
Meanwhile, discount chains Dollar General and Dollar Tree rose nearly 14% and 22%, respectively, after hiking their annual sales outlooks, suggesting consumer strength on the lower end of the retail market as well.
Finally, shares of Twitter jumped 6.6% on news that shareholders are suing billionaire Elon Musk, claiming he manipulated the company's stock price downward during his takeover bid.