Stocks Rise After Retail Sales Data as Cisco Soars: Markets Wrap
Cisco jumped after the network-equipment maker delivered a better-than-expected sales forecast.
Photographer: David Paul Morris/BloombergA revival of the artificial-intelligence trade kept fueling momentum in stocks, with the market also rising after retail sales showed signs of consumer strength despite a war-driven surge in energy costs.
The advance in equities sent the S&P 500 toward a fresh record, buoyed by gains in the high-profile group of chipmakers. Nvidia Corp. climbed for a seventh straight day. A solid outlook from Cisco Systems Inc. sent the shares up 15% — the most since 2011. Treasury 10-year yields dropped from the highest since July. A cooldown in the oil rally also helped sentiment.