Stocks surge following economic data; Arms debut
Los Angeles–
Wall Street stocks ended higher on Thursday following hotter-than-expected retail data and cooling core inflation which investors expect will keep the market moving.
British Chipmaker Arm shares surged nearly 25% in its strong debut with a nearly $60 billion value which investors hope will jumpstart the IPO market.
The strong debut led to a 0.8% rise for the Nasdaq Composite to 13,926.05. The S&P 500 gained 0.84% to 4,505.10 while the Dow Jones Industrial Average rose nearly 1% to 34,907.11, closing up for the first time in three days posting the best day since August 7.
This comes after August’s CPI report showed slightly better than expectations on a monthly basis.
