Stocks rose Thursday after getting a boost from semiconductor names, while strong economic data eased lingering fears of a potential recession.
The Dow Jones Industrial climbed 127.59 points to 43,205.29.
The S&P 500 index gained 20.29 points to 5,862.76.
The NASDAQ Composite jumped 115.92 points to 18,483.
Chip stocks led the gains, reversing some of their recent losses. Artificial intelligence darling Nvidia rose 3% and notched a new all-time high. The stock was boosted after Taiwan Semiconductor, a major supplier for Nvidia and other chip manufacturers, reported strong third-quarter results and raised its revenue forecast for the last three months of the year. Shares of TSMC jumped 13%, while AMD also rose 1%.
September’s retail sales figures showed that consumer spending was still robust, with monthly spending increased by 0.4%, while Dow Jones consensus estimate called for 0.3%. Sales excluding autos shot up by 0.5%, much hotter than the 0.1% forecast. Jobless claims for the week ended Oct. 12 were also lower than expected.
Prices for the 10-year Treasury slumped, raising yields to 4.10% from Wednesday’s 4.01%. Treasury prices and yields move in opposite directions.
Oil prices inched up two cents to $70.41 U.S. a barrel.
Gold prices added $15.00 to $2,706,30 U.S. an ounce
