US consumer spending increased strongly in July, suggesting the economy remains strong, while prices rose slightly.
Shares of Amazon.com and Tesla posted strong gains.
Stock movements
According to preliminary data, the Standard & Poor’s 500 rose 55.64 points, or 1 percent, to 5,647.60 points at the close.
The Nasdaq Composite rose 194.30 points, or 1.11 percent, to 17,710.73 points.
The Dow Jones Industrial Average rose 214.86 points, or 0.52 percent, to 41,549.91.
Nvidia shares rose, recovering from a 6.4 percent drop in the previous session after the leading maker of artificial intelligence chips failed to meet investors’ high expectations, despite positive results and forecasts that were largely in line with market estimates.
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