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S&P 500 hits record high as Nvidia stock rebounds
U.S. stocks rose on Thursday, Oct. 17, on Wall Street as strong economic data eased lingering fears of a possible recession, while semiconductor companies helped lift the market.
The S&P 500 rose about 0.1% after hitting a record high earlier in the session. The Dow Jones Industrial Average rose 106 points, or 0.3%, and the Nasdaq Composite gained 0.2%.
Chip stocks led the gains, reversing some of their recent losses. Nvidia shares rose 2% and hit an all-time high early in the session on Thursday.
The stock was boosted after Taiwan Semiconductor, a key supplier to Nvidia and other chipmakers, reported strong third-quarter results and raised its revenue forecast for the final three months of the year. TSMC shares jumped 11%.
US retail sales figures for September showed consumer spending remained strong, with monthly spending increasing 0.4%, compared to the Dow Jones consensus forecast of a 0.3% gain. Sales excluding autos rose 0.5%, well above expectations of 0.1%.
US jobless claims for the week ended October 12 also came in lower than expected.
The Dow Jones Industrial Average rose 165.37 points, or 0.38%, at the open to 43,243.07.
The S&P 500 gained 33.1 points, or 0.57%, to 5,875.62.
