At the close of trading on 17/7, the S&P 500 rose 0.5% to a record 6,297 points. This is the 9th time the index has hit a new high this year. The Nasdaq Composite added 0.75% to 20,885 points, reaching a new record high for the 10th time since the beginning of the year. The Dow Jones Industrial Average (DJIA) also gained 0.5%, closing at 44,484 points.

PepsiCo shares rose more than 7% thanks to better-than-expected second-quarter profits. United Airlines stock also increased 3% for the same reason.

Traders on the New York Stock Exchange on 15/7. Photo: Reuters

Traders on the New York Stock Exchange on 15/7. Photo: Reuters

This week, corporate financial reports showed profits exceeding Wall Street expectations, improving investor sentiment. Approximately 50 companies in the S&P 500 have released reports, with 88% achieving results better than expected, according to data firm FactSet.

The US economy also recently received positive data. The US Department of Labor reported the number of jobless claims last week was 221,000, a decrease of 7,000 from the previous week. June retail sales rose 0.6%, stronger than the 0.2% forecast.

"Positive retail sales figures came out as earnings season began to accelerate," said Bret Kenwell, investment analyst at eToro US. "If corporate earnings beat expectations and management continues to deliver positive messages about consumption, the market may respond favorably. Consumption remains a pillar of the US economy," he said.

Previously, Wall Street experienced a volatile trading session on 16/7. The market initially reacted to reports that Trump was planning to fire Federal Reserve (Fed) Chairman Jerome Powell. But soon after, the US president denied the reports. At the close of the session, all three indexes still rose 0.3-0.5%.

This week, the S&P 500 rose 0.6%. The DJIA increased 0.3%. The strongest performer was the Nasdaq Composite, up 1.5%.

Ha Thu (CNBC, Reuters)