Shares of retailers and other consumer companies rallied after President Joe Biden reached a deal with congressional leaders on an infrastructure bill.
One strategist said recent economic data has alleviated inflation concerns, being hot, but not too hot.
"I think the market likes [the signs] in housing data and consumer sentiment data that consumers soured on high prices," said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management.
"I think the slowdown will be temporary...to me, it's more about people waiting for prices to come down a bit, for supply to catch up with demand."
The Labor Department said new unemployment claims, a proxy for layoffs, slipped to a seasonally adjusted 411,000 from an upwardly revised 418,000 the prior week, remaining above recent lows as jobs growth looks set to slow slightly.
Goat Group, parent company of an online marketplace for sneakerheads, said it has raised $195 million through private investors to continue its push into international markets.
Write to Rob Curran at firstname.lastname@example.org
(END) Dow Jones Newswires