Stocks added to gains on Thursday, coming back from their worst losses in eight months a day earlier, as a positive quarter for Walmart (WMT) boosted consumer names, while health care lifted the Nasdaq.
The S&P 500 was up 0.67%, the Dow Jones Industrial Average increased 0.56%, and the Nasdaq added 0.9%.
Walmart did the heavy-lifting on the Dow and S&P 500 after topping net income estimates, though revenue came in slightly weaker than expected. Earnings rose to $1 a share from 98 cents in the same quarter a year earlier. Analysts anticipated earnings of 96 cents. Sales of $117.5 billion came in below estimates of $117.8 billion. U.S. same-store sales increased 1.4%. E-commerce business climbed at its best pace in five years.
Retail consumer stocks moved higher alongside Walmart. Amazon (AMZN) , Priceline (PCLN) , Costco (COST) , Target (TGT) and CVS Health (CVS) were each higher, while the S&P Retail SPDR ETF (XRT) added 0.5%.
Health care shares pushed the Nasdaq into positive territory. Incyte (INCY) surged 7% after its an immune-system booster drug, combined with Merck's (MRK) immunotherapy Keytruda showed positive results in an ongoing study with advanced lung cancer patients. Around 35% of patients given the combination treatment had tumors shrink by at least 30%.