Equities rose on Thursday, as data on US producer prices and retail sales confirmed Wall Street's expectation that Federal Reserve officials will keep interest rates unchanged next week. Meanwhile, Arm Holdings Pic soared in its debut on the US public markets.
The S&P 500 Index surged late Thursday to close 0.8% higher, the largest gain in two weeks, as every sector gained. Norwegian Cruise Line was the benchmark's best-performing stock after Redburn Atlantic raised its rating on the stock. The Dow Jones Industrial Average advanced by 1%.
The Nasdaq 100, which is heavily weighted towards technology, gained 0.8%. Arm Holdings jumped in its Nasdaq Global Select Market debut, with its initial public offering being 12-times oversubscribed. It is the largest IPO this year.
Earlier in the session, economic data showed that prices paid to US producers increased by the most in over a year, owing to rising energy and transportation costs. Retail sales also increased faster than expected.
However, some on Wall Street believe that recent economic indicators point to another Fed rate hike in the coming months.
