US stocks end higher amid upbeat economic data

By Gokhan Ergocun

ISTANBUL (AA) - US stocks ended with gains Thursday, with the Nasdaq and S&P hitting record highs.

The Dow Jones Industrial Average rose 0.52%, or 229.71 points, to close at 44,484.49.

The Nasdaq Composite inched up 0.75%, or 155.16 points, to 20,885.65, and the S&P 500 rose 0.54%, or 33.66 points, to 6,297.36.

The VIX Index, also known as the “fear index," fell 3.73% to 16.52.

Retail sales in the US rose 0.6% in June, exceeding expectations.

The number of initial unemployment claims in the US decreased by 7,000, reaching 221,000 for the week ending July 12.

This is the lowest level in three months and marks the fifth consecutive week of declines. It was also below market expectations.

The US import price index rose 0.1% on a monthly basis in June, while the export price index rose 0.5%.

Stronger-than-expected retail sales provided assurance that consumer spending in the US remained resilient, while the decline in jobless claims pointed to the strength of the labor market.

Following the release of the data, US President Donald Trump posted on social media, saying: “Great numbers just out” and called on Fed Chairman Jerome Powell, whom he described as “too late,” to lower interest rates.

US media reports Wednesday had suggested that Trump would “fire” Powell, but he later denied the reports.