Wall Street's main markets posted a fourth day of advances, the longest stretch in more than a month as stocks shrugged off stronger-than-expected inflation data that initially renewed interest-rate worries and sent equities lower.
Financials, information technology and consumer discretionary sectors powered ahead, while the Dow Jones Industrial Average was supported by a strong day for athletics retailer Nike ( NKE ) and its banking components, JPMorgan Chase ( JPM ) and Goldman Sachs ( GS ).
The S&P 500 and the Nasdaq Composite were at the highest levels since Feb. 2 while the Dow was at the strongest in just over a week. Financials surged 2.2% by the close, while information technology gained 2% and consumer discretionary rallied 1.6%. Defensive sectors retreated, with utilities down 1.2% and telecoms losing 0.7%.
Markets also shrugged off a climb in Treasury yields, with 10-year rates jumping to four-year highs of 2.91% during the session. Oil prices rose after Energy Information Administration data showed a smaller-than-expected build in weekly crude stockpiles.
Along with inflation, the day's economic data included a miss in retail sales, which contacted in January against expectations for an increase. The strong inflation and weak retail sales prompted JPMorgan Chase to cut its outlook for Q1 gross domestic product growth to 2.5% from 3% previously.
Thursday's agenda has weekly jobless claims and final demand producer price index while the full earnings calendar continues, with releases from Huntington Ingalls ( HII ) and Shopify ( SHOP ) due before the bell and Arista Networks (ANET) and CBS Corp. (CBS) due after the close.
Here's where the markets stood by the close:
Dow Jones Industrial Average was up 265.40 points (+1.08%)
S&P 500 was up 35.69 points (+1.34%)
Nasdaq Composite Index was up 130.10 points (+1.86%)
FTSE 100 was up 0.64%
Nikkei 225 was down 0.43%
Hang Seng Index was up 2.27%
Shanghai China Composite Index was up 0.45%
(+) FOSL (+87.72%) Reports better-than-expected Q4 results
(+) LAYN (+17.99%) To be acquired by Granite Construction (GVA)
(+) CMG (+15.31%) Names Taco Bell CEO to lead company
(+) MYOK (+6.53%) Begins dosing in early-stage trial of MYK-491 heart medicine
(+) BUFF (+5.84%) Company reportedly is takeover target
(-) TTPH (-60.41%) Phase 3 trial of eravacycline for urinary tract infection fails to meet endpoints
(-) GLMD (-42.39%) ARRIVE study did not meet primary endpoint
(-) AVGR (-41.42%) Priced series B preferred stock for $18 million in gross proceeds
(-) LXFT (-13.23%) Misses Q3 sales estimate but beats on EPS while cutting FY outlook below Street
(-) FENX (-4.17%) Confirms bid from Upstate Shredding, warns shareholders not to presume offer completion