Stocks close higher, S&P 500, Nasdaq notch six-day winning streak as comeback rally gains steam

Traders work on the floor of the New York Stock Exchange (NYSE) on August 14, 2024 in New York City. Stocks rallied on Thursday as investors regained confidence in the economy following encouraging consumer and labor data that helped ease recession worries. After a more than 3% gain this week, the S&P 500 is now roughly 2% below its record. Elsewhere, Cisco Systems jumped 7% after announcing a fiscal fourth-quarter earnings and revenue beat and cuts to its global workforce. Stocks climbed on Wednesday after the consumer price index reflected a slowing annual inflation rate of 2.9%, the lowest since 2021.