Technology stocks lift Wall Street on Thursday.
U.S. stocks rose on Thursday, led by a resurgence in technology shares after China signaled its preparedness to work out a new trade agreement with Washington.
The large-cap S&P 500 Index (NYSEARCA:SPY) rose 0.5% to 2,904.21, with the tech sector leading the rally.
A strong tech rebounded lifted the Nasdaq Composite Index (NYSEARCA:QQQ) to higher ground. The tech-driven average rose 0.8% to 8,013.71.
Meanwhile, the Dow Jones Industrial Average (NYSEARCA:DIA) climbed 147.07 points, or 0.6%, to 26,145.99.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) fell 4.5% to 12.55, its lowest in about two weeks. The so-called “fear index” trades on a scale of 1-100 where 20 represents the historic average.
In economic data, U.S. consumer prices rose less than expected last month, though underlying inflation remains strong. The consumer price index (CPI) of goods and services rose 0.1% in August compared with expectations of 0.2%, the Labor Department reported Thursday. In annualized terms, CPI rose 2.7%.
Initial jobless claims, a proxy for firings in the labor market, held near five-decade lows last week. The number of Americans filing for first-time unemployment benefits decreased by 1,000 to a seasonally adjusted 204,000, the Labor Department said in a separate report.
The Final Word: The U.S. economy appears to be chugging along in the third quarter, all but confirming the Federal Reserve’s plans to raise interest rates. The Federal Open Market Committee (FOMC) is widely expected to hike rates next Wednesday and provide further guidance on its short-term outlook.