Stocks rose across the board on Thursday after a blizzard of reports suggested the US economy is still humming—though inflation may be, too, per the AP.
- The Dow rose 331 points, or 0.9%, to 34,907. It was the index's best day since early August, notes CNBC.
- The S&P 500 rose 37 points, or 0.8%, to 4,505.
- The Nasdaq rose 112 points, or 0.8%, to 13,926.
One government report said US shoppers spent more at retailers last month than economists expected. Such spending has been a linchpin for the economy, but it could also encourage retailers to keep trying to raise prices further. A separate report Thursday morning said fewer workers applied for unemployment benefits last week than expected, which implies the number of layoffs remains low. And a third report said prices getting paid at the wholesale level rose more last month than economists expected.
Of note in the market: Shares of chip designer Arm Holdings rose 15.4% in their public debut. The offering valued Arm at $54.5 billion and could be an encouraging signal for the IPO market. Stocks of energy producers also rose after oil prices rallied. Hewlett Packard slumped 2.1% after Warren Buffett's Berkshire Hathaway revealed it trimmed its stake in the personal computer and printer company. Delta Air Lines, meanwhile, became the latest airline to cut its profit forecast because of higher costs. It said higher-than-expected costs for fuel and maintenance are cutting into its earnings, and its stock slipped 0.3%.
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