Wall Street stocks open higher, extending gains

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US shares were given off to every other stable start Thursday, extending the gains made inside the prior session amid a flurry of tremendous income news from fundamental stores.

While government statistics showed the United States economic downturn within the first area was barely worse than at the start suggested, with GDP contracting 1.5 percent, patron spending become revised better.

The 3.1 percent increase “exceeded the consumer spending growth in the third and fourth quarters, demonstrating that the US consumer was still acting as a key growth engine in the first quarter despite rising interest rates and higher costs for most goods and services, namely food and energy,” Briefing.com analyst Patrick J O’Hare said in an analysis.

Stocks have been battered in recent weeks, declining steadily amid concerns about the economic outlook due to rising interest rates to tame surging inflation, as well as the impact of the Russian war in Ukraine on prices and of China’s Covid-19 lockdowns on the global supply chain.

Disappointing earnings by major retailers such as Target also hit investor sentiment, but the latest reports show chains like Macy’s, Dollar Tree, and Dollar General delivering better-than-expected results and upbeat forecasts.

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About 30 minutes into the trading session, the Dow Jones Industrial Average climbed 1.2 percent to 32,519.46.

The broad-based S&P 500 advanced 1.3 percent to 4,031.05, while the tech-rich Nasdaq Composite Index jumped 1.4 percent to 11,597.22.

Chipmaker Broadcom jumped 2.2 percent after saying a $61-billion deal to buy cloud computing company VMware, which rose 1 percent.

Macy’s shares surged 11.3 percent, whilst discount chain Dollar Tree jumped extra than 17 percent and Dollar General gained 13 percent.

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