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The New York Stock Exchange is pictured on July 17. / Source: Reuters-Yonhap

Wall Street closed higher on July 17, lifted by strong U.S. consumer data and better-than-expected corporate earnings, sending both the S&P 500 and Nasdaq Composite to fresh all-time highs.

The Dow Jones Industrial Average rose 229.71 points, or 0.52%, to close at 44,484.49. The S&P 500 gained 33.66 points (0.54%) to end at 6,297.36, while the Nasdaq jumped 153.78 points (0.73%) to finish at 20,884.27.

The S&P 500 and Nasdaq each set new records just two days after their previous highs, as stronger-than-expected consumer spending and upbeat Q2 earnings fueled investor confidence.

According to the U.S. Commerce Department, retail sales rose 0.6% in June to $720.1 billion, beating the market forecast of a 0.1% gain. This marked a solid rebound after a 0.9% drop in May.

Corporate earnings also impressed. Financial data firm FactSet reported that 88% of the approximately 50 S&P 500 companies that released results this week exceeded analysts’ expectations. Despite ongoing tariff uncertainty under President Donald Trump, companies delivered solid results, boosting market sentiment.

However, the strong consumer and earnings data has weakened expectations for near-term interest rate cuts.