NEW YORK — Wall Street rallied closer to its record highs following signs that the U.S. economy is holding up better than expected.

The S&amp;P 500 jumped 1.6% Thursday. The index marked its sixth gain in a row and has stabilized after a scary few weeks. The Dow Jones Industrial Average jumped 1.4%, and the Nasdaq composite added 2.3%.

Treasury yields leaped in the bond market following reports that shoppers increased their spending at retailers last month and fewer workers applied for unemployment benefits.

Walmart rose sharply after raising its sales forecast.

Wall Street still expects the Federal Reserve to cut interest rates next month.

Wall Street rallied closer to its record highs following signs that the U.S. economy is holding up better than expected. The S&P 500 jumped 1.6% Thursday.{ai:summary}<p>Wall Street's got its swagger back, with the S&P 500 up 1.6% as the economy defies the naysayers. Retailers are ringing the cash register, and fewer folks are knocking on unemployment's door. </p><p>Walmart's looking to the horizon, raising its sales forecast while hopes of interest rate cuts linger. #economy</p>

Wall Street roars closer to its records as shoppers help drive economy

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