S&P 500 rises to record on solid economic data, tech stock gains
Stocks rose Thursday, regaining their footing after a mixed session, following the release of upbeat U.S. economic data.
The S&P 500 climbed 0.3%, hitting a fresh record, led higher by gains in Micron Technology. The Nasdaq Composite added 0.5%. The Dow Jones Industrial Average advanced 250 points, or 0.6%.
Micron traded 14% higher after issuing strong guidance for the current quarter. Results for Micron's fiscal fourth quarter also topped analysts' estimates. Fellow semiconductor-linked stocks Applied Materials and Lam Research both rose 6% in sympathy.
A series of economic data supported a solid economy, easing fears that perhaps the Federal Reserve is cutting rates aggressively because of the economy slowing.
Weekly jobless claims fell more than expected, pointing to a steady labor market. Durable goods orders for August were unchanged versus economists' expectations for a decline. And the final reading of second-quarter GDP was unrevised at a strong 3%.
Source: CNBC
