Stocks experienced a widespread increase on Thursday, fueled by numerous reports indicating the continued strength of the US economy, albeit with concerns about inflation, according to the AP.
- The Dow soared by 331 points, or 0.9%, reaching 34,907. This marked the index’s most successful day since early August, as reported by CNBC.
- The S&P 500 also saw a rise of 37 points, or 0.8%, reaching 4,505.
- The Nasdaq experienced a rise of 112 points, or 0.8%, reaching 13,926.
One government report revealed that US shoppers spent more at retailers last month than economists had predicted. This spending has played a crucial role in supporting the economy, but it may also encourage retailers to further increase prices. Another report released on Thursday morning indicated that fewer workers filed for unemployment benefits last week than anticipated, suggesting that layoffs remain relatively low. Additionally, a third report highlighted that wholesale prices rose more than economists had expected last month.
Noteworthy developments in the market include the 15.4% surge in shares of chip designer Arm Holdings during its initial public offering. This IPO valued Arm at $54.5 billion and is seen as a positive signal for the IPO market. Stocks of energy producers also saw gains as oil prices rallied. On the other hand, Hewlett Packard experienced a 2.1% decline after Warren Buffett’s Berkshire Hathaway revealed a reduction in its stake in the personal computer and printer company. Delta Air Lines also lowered its profit forecast due to higher costs, causing its stock to slip by 0.3%.
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