NEW YORK, United States -- Global stocks rose to fresh records Thursday despite lackluster  economic data that included negative growth reports from Britain and Japan that qualified both countries as in recession.

The US Commerce Department reported a bigger than expected 0.8 percent decline in January retail sales, a pullback after the holiday season that suggested possible vulnerability in consumers.

US indices were pressured in the early going, but "people woke up in the afternoon and saw the way things were moving and went with that trend," said Art Hogan of B. Riley Wealth Management.

The broad-based S&P 500 finished up 0.6 percent at 5,029.73, an all-time high.

Meanwhile, eurozone stocks advanced despite the European Commission cutting growth forecasts while also trimming their inflation forecasts.

Both Paris and Frankfurt set new intraday and closing highs thanks to strong corporate results.

Carmakers drove the Paris stock market upwards after Stellantis posted record 2023 profits as demand revved higher for new vehicles, one day after news of bumper annual earnings from rival Renault.

Renault and Stellantis saw their shares rally over five percent and topped the risers board.

Frankfurt stocks advanced strongly after Commerzbank revealed that higher interest rates had helped it achieve its biggest annual net profit in 15 years, sending shares in Germany's second-largest lender also up more than five percent.

London equities also advanced despite official data showing the UK entered recession at the end of last year, as high inflation prolonged a cost-of-living crisis for millions of Britons.

UK gross domestic product shrank 0.3 percent in the fourth quarter of 2023 after contracting 0.1 percent in the prior three months.

That places the British economy in recession, which is defined as two quarters in a row of falling GDP.

The weak data has driven fresh hopes that rate cuts may be forthcoming in the UK, and with Germany also teetering on the brink of a recession, that the eurozone may see rate cuts sooner than anticipated, said Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Tokyo stocks rallied despite the data showing that the Japanese economy had also entered recession -- and has been overtaken by Germany as the world's third-biggest economy.

Elsewhere, Taipei's Taiex stocks hit a record high, fueled by a surge in chip giant Taiwan Semiconductor Manufacturing Company (TSMC) after it reported strong sales that lifted optimism for the sector and demand for chips used for artificial intelligence.