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Stocks rose Thursday as investors digested strong retail sales data and more earnings. Retail sales data showed US consumer spending remains robust, with monthly spending up 0.4%.
Stocks are headed for the best week of 2024, with the S&P 500 on track for a 4% gain, while the Nasdaq 100 is up more than 5%.
Here's what else happened today: Disney said it will appoint Bob Iger's successor as CEO by early 2026. Goldman Sachs said investors should prepare for a decade of muted returns in the stock market.
The US stock market boom has boosted the wealth of the world's billionaires to $14 trillion, UBS says. In commodities, bonds, and crypto: West Texas Intermediate crude inched lower to $68.46 a barrel.
In the oil market, crude prices plunged more than 6%, representing the biggest one-day decline since September 2022 after Israel's attack against Iran over the weekend avoided oil facilities.
Tesla stock surged 7% to hit a $1 trillion market cap on Friday for the first time since April 2022. Traders betting against clean-energy stocks have made $1.3 billion since Trump's election win.
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