U.S. markets ended sharply higher on Thursday, with the Nasdaq and S&P 500 closing at fresh record highs, driven by continued strength in technology stocks. Investors sentiments also improved amid the closely watched summit between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing. Following the nearly two-hour meeting at the Great Hall of the People, Trump described the discussions as ‘great’. Meanwhile, the White House stated that both sides agreed the Strait of Hormuz must remain open to ensure the free flow of global energy supplies. Sentiments remained positive after a report from the U.S. Commerce Department showed retail sales rose in line with street expectations in April. Retail sales increased 0.5 percent during the month, following a downwardly revised 1.6 percent rise in March. street had anticipated a 0.5 percent increase. Meanwhile, a separate report from the U.S. Labor Department showed first-time claims for unemployment benefits rose more than expected in the week ended May 9. Initial jobless claims increased by 12,000 to 211,000 from the previous week’s revised level of 199,000. streets were expecting claims to rise to 205,000.
Nasdaq jumped 232.87 points or 0.88 percent to 26,635.222, Dow Jones Industrial Average gained 370.26 points or 0.75 percent to 50,063.46 and S&P 500 increased 56.99 points or 0.77 percent to 7,501.24.
