12:36 PM EDT, 08/15/2024 (MT Newswires) -- US equity indexes jumped with government bond yields in midday trading on Thursday as retail sales increased more than forecast.

The Nasdaq Composite climbed 2% to 17,543.1, with the S&P 500 up 1.4% to 5,530.6 and the Dow Jones Industrial Average 1.2% higher at 40,484.3. All sectors, except real estate and utilities, rose intraday, with consumer discretionary and technology leading the gainers.

US retail sales rose more than expected in July, fueled by gains in spending on cars and electronics, Census Bureau data showed Thursday. Sales rose 1% in July following a downwardly revised 0.2% decline in June. Analysts were modeling for a 0.4% increase in a survey compiled by Bloomberg. Annually, retail sales were up 2.7% in July.

"The rebound suggests that despite mounting pressures on consumers' balance sheets (as savings dwindle and wage growth slows), the US consumer is not out yet," TD Economist Shernette McLeod said in a note. "That said, consumer spending is still expected to slow as 2024 draws to a close."

Treasury yields advanced, with the 10-year surging 11.4 basis points to 3.94%, while the two-year rate catapulted 15.6 basis points to 4.1%, reflecting growing optimism that the economy is not facing a hard landing.

West Texas Intermediate crude oil jumped 1.6% to $78.22 a barrel.

In company news, Ulta Beauty's ( ULTA ) shares soared 12% intraday, the top performer on the S&P 500, after Berkshire Hathaway (BRK.A, BRK.B) disclosed it acquired a stake in the company.

Cisco Systems ( CSCO ) shares jumped 7% intraday, among the biggest gainers on the S&P 500, the Nasdaq, and the Dow, after the company overnight posted a slower-than-anticipated decline in fiscal Q4 non-GAAP earnings and sales and outlined a restructuring program.