Wall Street roars closer to its records as US shoppers help drive the economy WPXI [Video]

NEW YORK — (AP) — Wall Street is rallying closer to its records on Thursday following signals the U.S. economy is holding up better than expected, with particular credit going to the country’s shoppers.

The S&P 500 was up 1.6% in afternoon trading and on track for a sixth straight gain as the U.S. stock market rights itself following a scary few weeks. It’s back to within 2.3% of its all-time high set last month after earlier falling nearly 10% below it.

The Dow Jones Industrial Average was up 506 points, or 1.3%, as of 2:19 p.m. Eastern time, and the Nasdaq composite was 2.3% higher as Big Tech stocks recover more of their stumbles from the last month.

Treasury yields leaped in the bond market following the encouraging economic data. One report said U.S. shoppers increased their spending at retailers last month by much more than economists expected, while another said fewer U.S. workers applied for unemployment benefits.

A year …