S&P 500 and Nasdaq Hit Record High after Upbeat Retail Reports

U.S. stocks ended higher on Thursday, with the S&P 500 and Nasdaq hit record closing highs, thanks to the strong reports from Best Buy and other retailers. The Dow Jones Industrial Average climbed 70.53 points, or 0.34%, to 21,082.95. The S&P 500 rose 10.68 points, or 0.44%, to 2,415.07. The Nasdaq Composite added 42.23, or 0.69%, to 6,205.26.

Oil prices suffered a drop of nearly 5% Thursday, marking their lowest finish in a more than a week, as OPEC’s 9-month output-cut extension disappointed. July West Texas Intermediate crude dropped $2.46, or 4.8%, to settle at $48.90 a barrel. July Brent crude lost $2.50, or 4.6%, to $51.46.

Best Buy Co Inc reported an unexpected rise in first-quarter comparable sales and the No. 1 U.S. electronics retailer said it planned to save $600 million in costs by the end of fiscal 2021.

Sears Holdings Corp (SHLD) reported its first quarterly profit in nearly two years, as the retailer slashed costs by nearly a third and benefited from the sale of its Craftsman brand.