Wall Street closes session with S&P 500 setting new record

The New York Stock Exchange closed this Thursday's session in positive territory.

The Dow Jones gained 0.52% to 44,485.10 points, the S&P 500 added 0.59% to 6,300.42 points, and the technological Nasdaq appreciated 0.74% to 20,884.27 points.

Wall Street closed higher on Thursday, with the market focusing on the future of Federal Reserve (Fed) Chairman Jerome Powell, especially after Donald Trump denied rumors of his imminent resignation. This, combined with earnings from listed companies, macroeconomic data, and some progress in trade negotiations, led the S&P 500 to set a record high at the close.

"The day Donald Trump was re-elected to a second term as US president, we knew the headlines would be filled with unexpected twists and turns. We expected surprising and unusual news every day; however, what we've seen so far has exceeded our expectations," notes Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

"Trump may have calmed some nerves, but the market is worried about what Trump's choice to chair the Fed would mean," says British analyst Neil Wilson. Investors remain skeptical about what might happen next.

On the macroeconomic front, retail sales in the United States (US) saw widespread growth, easing concerns about a decline in consumer spending. Retail sales rose 0.6% month-over-month in June, exceeding market expectations of a 0.1% increase.

Furthermore, labor market data showed that US unemployment benefit claims declined for the fifth consecutive week to the lowest level since mid-April. Specifically, they fell by 7,000 claims in the week ending July 12th compared to the previous week, to 221,000. This number also fell short of market expectations, which had predicted an increase of 8,000 initial unemployment benefit claims, to a total of 235,000.

(updated)