By Yasin Ebrahim

Investing.com — The S&P 500 climbed Thursday, as stronger-than-expected quarterly results from retailers and a rally in tech put stocks on course to snap a seven-week losing streak.

The index rose 1.9% and the gained 1.9% (593 points), while the index was up by 3%.

Retailers – victim to a wave of selling pressure recently – were back in vogue as strong results from Macy’s and Dollar Tree eased worries about the strength of the consumer.

Macy’s (NYSE:) raised its outlook on profit after reporting a better-than-expected , supported by price hikes amid strong demand. The shares of the company rose by more than 17%.

Dollar Tree (NASDAQ:) surged more than 20% after reporting that beat on both the top and bottom lines the as the discount retailer’s recent move to raise prices to $1.25 boosted margin and growth.

The market was also pushed higher by the opening of stocks, including Norwegian Cruise Line (NYSE) and Caesars Entertainment(NASDAQ:), as investors put their money on strong travel demand in the coming summer months.

Meanwhile, tech saw gains. Big tech was in the ascendency, as Fed expectations of a pause in rate increases later in the year were boosted by data that showed an unexpected drop in economic growth in the first quarter.

Facebook (NASDAQ) was the leader in gains exceeding 3%, followed closely by Alphabet and Microsoft (NASDAQ).

The tech rally was also supported by chip stocks, as Broadcom and Nvidia rallied.

NVIDIA (NASDAQ:) reported better-than-expectedresults but guidance fell short of analysts’ estimates.

Some analysts, however, aren’t convinced that it’s time to dip into the chipmaker amid concerns about valuation.

“NVDA is arguably attractively valued at current levels. But, until there is more evidence that indeed this quarter marks a trough for gaming revenues, we believe investors will continue to struggle with NVDA’s valuation,” Wedbush said.

Broadcom (NASDAQ) was more than four percent higher after it revealed that VMware (NYSE) will be its acquisition in a $61billion deal. 

Twitter (NYSE:) gained more than 5 percent on new hopes that Tesla CEO Elon Musk will continue with the plan to privatize the company after Tesla (NASDAQ:). CEO raised his investment to $33.35 Billion.