05:09 PM EDT, 07/17/2025 (MT Newswires) -- The Nasdaq Composite and the S&P 500 climbed to new highs on Thursday as Wall Street tracked the latest economic data and a series of corporate results.

The Nasdaq was up 0.7% at 20,884.3, setting a new closing high for the fourth consecutive day. The S&P 500 rose 0.5% to 6,297.4, eclipsing the previous closing high reached on July 10. The Dow Jones Industrial Average gained 0.5% to end at 44,484.5.

Barring health care and real estate, all sectors ended in the green, led by financials.

In economic news, US retail sales rebounded more than expected last month amid gains in most categories, Census Bureau data showed.

"Consumers shook off their tariff jitters last month and returned to the stores to buy solidly in nearly all categories of spending," said Scott Anderson, chief US economist at BMO. "Inflation fears may actually be boosting retail sales today as consumers make purchases before even higher prices hit in the months ahead."

Earlier in the week, official data showed that consumer inflation in the world's largest economy accelerated last month at the fastest pace since January.

Initial unemployment claims in the US hit a three-month low in the week ended July 12, while continuing applications increased, according to government data released Thursday.

"Today's US data is generally on the firmer side in terms of activity and jobs, while import prices are a touch softer than anticipated," said James Knightley, chief international economist at ING. "Overall, it supports the view that there is little pressing need for another interest rate cut from the Federal Reserve."

Fed Governor Adriana Kugler said Thursday that she favors holding interest rates steady "for some time" amid tariffs-induced upward pressure on inflation. In prepared remarks for delivery in Washington, D.C., Kugler said "there are many reasons to think that larger effects of tariffs are still coming."

Her views appear to be in contrast with some other policymakers who recently said that rates could be cut as soon as this month. The Fed's next policy meeting is set for July 29 to 30.

US homebuilder confidence edged up in July, buoyed by the passage of President Donald Trump's tax and spending legislation, according to National Association of Home Builders and Wells Fargo data released.

US Treasury yields were mixed, with the two-year rate rising 1.7 basis points to 3.92% and the 10-year rate dropping 0.7 basis point to 4.46%.

In company news, PepsiCo ( PEP ) logged an unexpected year-over-year increase in its fiscal second-quarter revenue and provided an improved full-year earnings outlook amid easing foreign-exchange headwinds. The beverage and snacks company's shares jumped 7.5%, the third-top gainer on the S&P 500.

Uber Technologies ( UBER ) plans to deploy at least 20,000 Lucid (LCID) vehicles that will be equipped with Nuro's autonomous vehicle technology. Lucid shares surged 36%, while Uber ( UBER ) dropped 0.3%.

Elevance Health ( ELV ) shares sank 12%, the worst performer on the S&P 500, after the company cut its full-year earnings guidance following a quarterly miss.

Abbott Laboratories ( ABT ) issued a third-quarter earnings outlook below market estimates despite posting better-than-expected results for the previous three-month period. The healthcare company tightened its full-year profit guidance. Its shares were down 8.5%, the second-steepest drop on the S&P 500.

West Texas Intermediate crude oil was up 1.9% at $67.61 a barrel in late-afternoon trading.

Gold fell 0.4% to $3,344.8 per troy ounce, while silver added 0.7% to $38.40 per ounce.