US equity indexes rose after midday Thursday as strong gains in technology helped the S&P 500 and the Nasdaq hit fresh all-time highs.
The Dow Jones Industrial Average climbed 0.7% to 50,022.1, with the Nasdaq up 0.6% to 26,555.5 and the S&P 500 higher by 0.6% to 7,486.2. Technology and energy led the gainers, while materials and real estate were among the decliners.
Of the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, eight were from the technology sector. The top performer was Cisco Systems (CSCO), up 12%, which made it the leader on the S&P 500, the Nasdaq, and the Dow.
Cisco reported a year-over-year jump in fiscal Q3 earnings and revenue, topping market expectations, and raised fiscal 2026 guidance. The firm also announced restructuring plans that included lay-offs of nearly 4,000 employees.
In economic news, retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated. Sales rose 0.5% in April following a revised 1.6% gain in March, the Census Bureau reported Thursday, matching the consensus in a survey compiled by Bloomberg.
"Despite elevated prices at the pump and elsewhere, consumers continue to prove resilient thanks to decent wage gains, savings, and credit cards to support spending," Lindsey Piegza, chief economist at Stifel, said in a note. "That being said, consumers cannot perpetually withstand elevated costs."
Business inventories rose 0.9% in March, as expected in a survey compiled by Bloomberg and following a 0.4% increase in the previous month.
Most US Treasury yields fell, with the 10-year down three basis points to 4.45%. The two-year rate was steady at 3.98%.
West Texas Intermediate crude oil futures were steady at $101.01, and Brent crude futures slipped 0.3% to $105.27.
In precious metals, gold futures declined 0.4% to $4,687.3, and silver futures slumped 4.4% to $85.41.