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The NASDAQ closed higher on Thursday after getting a boost from semiconductor names, while strong economic data eased lingering fears of a potential recession.
The Dow Jones Industrial climbed 161.25 points to 43,239.05, yet another all-time high for the 30-stock index.
The S&P 500 index removed one point to 5,841.47.
The tech-heavy NASDAQ Composite attached 6.53 points to 18,373.61.
Chip stocks led the gains, reversing some of their recent losses. Artificial intelligence darling Nvidia rose 2% 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 11%, 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 gained 37 cents to $70.41 U.S. a barrel.
Gold prices added $16.40 to $2,707.30 U.S. an ounce
