Stocks continued to rebound from the lowest levels in over a year as solid outlooks from retailers bolstered confidence in the economy despite supply-chain snags and inflationary pressures. A slide in US mortgage rates by the most since April 2020 and Broadcom Inc.’s $61 billion acquisition of VMware Inc. also boosted risk appetite. Consumer shares led gains in the S&P 500 as giant Macy’s Inc. lifted its profit forecast amid demand for high-end goods, while deep-discount stores Dollar Tree Inc. and Dollar General Corp. raised their sales projections. Megacaps Amazon.com Inc. and Tesla Inc. helped push the Nasdaq 100 up about 3%. Southwest Airlines Co. and JetBlue Airways Group Inc. surged on bullish revenue estimates. Major stock markets in the United States extended gains on Thursday, with Dow Jones soaring 502 points at 11:12 am ET. The investors seemingly reacted positively to Macy’s latest earnings announcement, which overpowered the disappointing data reports. Namely, Macy’s diluted earnings per share for the first quarter of fiscal 2022 more than tripled rising 200% year on year to stand at $0.98. On the other hand, the US gross domestic product (GDP) decreased 1.5% on an annual basis, while the country’s pending home sales reached a two-year low in April. The Dow Jones skyrocketed 1.55% or 502 points at 11:12 am ET. The S&P 500 surged 1.75% a minute later, while the Nasdaq 100 jumped 2.23% at 11:13 am ET. The euro traded 0.31% higher against the dollar at 11:13 am ET, selling for 1.07200.