Stock market today: S&P 500, Nasdaq gain as US GDP data, chip stocks lift mood

US stocks jumped on Thursday afternoon, setting the stage for fresh record highs. Investors welcomed a slew of updates, including solid US economic data, Micron's upbeat earnings, and China's pledges of more stimulus. The Dow Jones Industrial Average rose 0.7%, while the S&P 500 added more than 0.4% after both gauges slipped back from all-time highs in the prior session. The tech-heavy Nasdaq Composite gained roughly 0.5% amid a sharp spike in Micron's shares.

During Thursday's session, Super Micro Computer stock tanked 14% after the Wall Street Journal reported the Department of Justice is probing the server maker following a short seller report from Hindenburg Research published last month. A final update from the US government on second quarter GDP growth beat Wall Street expectations, while weekly jobless claims unexpectedly fell to the lowest levels in four months.

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