The S&P 500 ended higher on Thursday as hotter-than-expected economic data eased worries about a recession without raising fears of a Federal Reserve rate hike next week, while Arm Holdings soared in its stock market debut.
SoftBank's Arm (ARM.O) was valued at nearly $60 billion in a strong Nasdaq debut, with the chip designer's shares soaring in their first day of trading.
Retail sales rose more than expected in August on higher gasoline prices, while initial claims for state unemployment benefits climbed to a seasonally adjusted 220,000 for the week ended Sept. 9 from 217,000 the week before.
Monthly producer prices for final demand rose 0.7% last month, against expectations of a 0.4% increase. On an annual basis, they increased 1.6% compared with estimates of a 1.2% rise.
Chip designer Arm's American Depositary Shares opened at $56.1 apiece compared with the initial public offering price of $51, in a sign of confidence for other companies planning to list their shares.
According to preliminary data, the S&P 500 (.SPX) gained 37.74 points, or 0.84%, to end at 4,505.18 points, while the Nasdaq Composite (.IXIC) gained 112.47 points, or 0.81%, to 13,926.05. The Dow Jones Industrial Average (.DJI) rose 339.00 points, or 0.98%, to 34,914.53.
Source : Reuters
