The Dow Jones Industrial average gained for the first day in three after August retail sales came in better than expected and another inflation reading was not as bad as feared.
The 30-stock index sprang up 261.14 points to break for lunch Thursday at 34,836.77.
The S&P 500 index gained 32.73 points to 4,500.17.
The NASDAQ index surged 111.44 points to 13,925.02.
Chip design company Arm started trading Thursday after its initial public offering was priced at $51 a share. Investors hope what’s set to be the biggest tech debut of the year could kickstart a sleepy tech IPO market.
Elsewhere, 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 4.28% from Wednesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices added $1.42 to $89.94 U.S. a barrel.
Gold prices faded $4.70 to $1,927.80 U.S. an ounce.