NEW YORK (TheStreet) -- More gains for markets on Thursday, though they weren't quite as steep as the big rally seen a day earlier.
The majority of sectors joined in on slight gains after May retail sales showed U.S. consumers had begun to spend again, proof that first-quarter economic weakness was merely transitory.
The S&P 500 was up 0.19% on Thursday, the Dow Jones Industrial Average climbed 0.25%, and the Nasdaq gained 0.11%.
U.S. retail sales rose 1.2% in May, according to the Department of Commerce, proof consumers were beginning to loosen the purse strings after months of conservative spending.
Sales in April and March were also upwardly revised, a promising sign after a dismal first quarter. Excluding volatile items such as automobiles and food, retail sales increased 0.7%.
"These data confirm unequivocally that the earlier weakness in spending was a temporary weather-related blip," said Paul Ashworth, chief U.S. strategist at Capital Economics. "The [Federal Reserve] will probably still wait until September to begin raising interest rates, but the odds of a July hike just went up."
Twitter (TWTR) shot up in after-market trading on reports CEO Dick Costolo has stepped down as CEO with chairman Jack Dorsey to act in the role in the interim, according to The Wall Street Journal. The change will take effect July 1. Shares were up 7.3%.
Crude oil gave back some its gains achieved over a Wednesday rally after the International Energy Agency's latest forecasts still show a growing glut. West Texas Intermediate crude fell 1.1% to $60.77 a barrel.