Stock market news live updates: Stocks surge as relief rally gains steam on upbeat earnings

Stock market news live updates: Stocks surge as relief rally gains steam on upbeat earnings

U.S. stocks ended sharply higher Thursday after a comeback from recent selling gained momentum and placed markets on track to snap a 7-week losing streak.

The S&P 500 surged 2%, and the Dow Jones Industrial Average gained 518 points, or 1.6%. The Nasdaq Composite jumped 2.7% as the index attempts to claw its way out of bear market territory.

Strong retail earnings Thursday morning spurred markets early in the session, with Macy's (M) rising as much as 18% in intraday trading after the retail giant raised its profit outlook in an upside surprise to investors weighing a slew of downward forecast revisions from peers. Shares of discount retailers Dollar Tree (DLTR) and Dollar General (DG) were also up more than 21% after both companies raised forecasts on Thursday.