S&P 500, Nasdaq Hit Record Highs on Strong US Retail Data

Wall Street stocks reached new record highs as investors responded positively to solid U.S. retail sales data and strong corporate earnings, overshadowing concerns about President Donald Trump's tariffs. The S&P 500 rose 0.5 percent to 6,297.36, the Nasdaq Composite gained 0.7 percent to 20,884.27, marking its fourth consecutive closing record and tenth record settlement this year, while the Dow Jones Industrial Average climbed 0.5 percent to 44,484.49. U.S. retail sales increased 0.6 percent in June, reversing a decline in May and exceeding expectations, which analysts say supports continued consumer resilience despite tariff and inflation worries. Individual stocks like United Airlines and PepsiCo outperformed, with United Airlines noting an upbeat travel demand outlook, and lithium miner Albemarle shares surged nearly 9 percent due to rising lithium prices after a major Chinese mine halted operations. Market participants remain cautiously optimistic, awaiting Federal Reserve President Christopher Waller's remarks amid speculation about potential changes in Fed leadership. Additionally, railroad stocks CSX and Norfolk Southern rose on reports of a possible takeover bid by Union Pacific, reflecting broader market activity influenced by the Trump administration's focus on boosting U.S. manufacturing.