Stocks ripped higher Thursday as Wall Street took in signals that pointed to a still-strong US consumer and labor market. The Nasdaq Composite ( ^IXIC ) popped more than 2.3%, while the benchmark S&P 500 ( ^GSPC ) rose more than 1.6% and the Dow Jones Industrial Average ( ^DJI ) rose about 1.4%, or roughly 550 points.

In focus early Thursday were earnings from retail giant Walmart ( WMT ), as well as monthly government retail sales data and an update on jobless claims. For its part, Walmart's stock surged more than 6% after a largely positive report in which it posted both earnings and revenue beats. The company also raised its full-year outlook.

Last month's retail sales, meanwhile, soared far past Wall Street's expectations in a sign that US consumers remain quite resilient. Retail sales rose 1% in July, above estimates for a 0.4% rise.

Also in focus is the normally routine update on weekly jobless claims. Last week, those claims fell more than forecast , sparking a market surge that has largely pervaded this week. And they fell again this week to 227,000, shafting expectations for a pickup, a key development as economists argue the jobs market is "where the action is going to be" for the Fed in the near future.

After a brutal start to August, stocks have been on a tear, including in Wednesday's session , after the Consumer Price Index posted its lowest year-over-year increase since early 2021. The S&P 500 and Nasdaq have now recouped all of their losses from a sell-off that began at the start of the month.