Wall Street Surges Amid Positive Retail Data

Wall Street's major indexes rose amid solid U.S. retail sales data for July. Tesla led the gains among megacap stocks, and Consumer Discretionary and Technology sectors saw significant upticks. Retail giants like Walmart and Target also gained, hinting at robust consumer spending and alleviating recession fears.

Wall Street's primary indexes soared on Thursday, with the Nasdaq jumping by 2%, as U.S. retail sales data for July demonstrated resilient consumer spending.

Tesla emerged as the top performer among megacap and growth stocks, climbing 6.1%. Nine of the 11 major S&P 500 sectors were up, with Consumer Discretionary and Technology increasing by 3% and 2.1%, respectively.

Retail sales surged by 1.0% in July, reversing a 0.2% decline in June and easing fears of a significant economic downturn. Walmart rose by 6.4% after revising its annual profit forecast upwards. Target and Costco also posted gains.

(With inputs from agencies.)