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The Dow Jones Industrial Average rallied the most in a month as traders cheered the revival of Wall Street’s IPO market and a decent batch of economic data.
The 30-stock index hurtled 331.98 points, or 1%, to wind up the session Thursday at 34,907.51.
The S&P 500 index gathered 37.73 points to 4,500.17.
The NASDAQ index hiked 112.47 points to 13,926.05.
Arm shares jumped after the chip design company started trading Thursday. Investors hope the biggest tech offering of the year could kickstart a sleepy IPO market. Arm’s initial public offering was priced at $51 a share Wednesday. It was last trading at about $58 a share.
Adobe is expected to post quarterly results after the market close Thursday.
The August reading of the producer price index came in hotter than expected. It rose 0.7%, more than the 0.4% increase anticipated by economists polled by Dow Jones. However, excluding food and energy, core PPI increased 0.2%, in line with the estimate.
That comes after August’s consumer price index on Wednesday showed core CPI, which excludes food and energy, was slightly hotter than expected.
August retail sales came in better than expected, jumping 0.6% against a 0.1% increase expected by economists. Excluding autos, retail sales rose 0.6% last month, more than the forecasted 0.4% increase.
Prices for the 10-year Treasury dropped, raising yields to 4.29% from Wednesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices added $1.84 to $90.36 U.S. a barrel.
Gold prices faded $2.30 to $1,930.20 U.S. an ounce.
