Stock market today: Wall Street rises closer to its record high

NEW YORK — U.S. stocks rose closer to their all-time highs following a couple reports on the economy that came in close to expectations. The S&P 500 climbed 0.7% Thursday and pulled back within 1.3% of its record set in July. The Dow Jones Industrial Average gained 0.6%, and the Nasdaq composite jumped 1%. More gains for Nvidia and other Big Tech stocks drove the market higher, offsetting a slump for Moderna after the vaccine maker cut its plans for research-and-development investment.

Nvidia was the strongest force lifting the market and rose another 3% after jumping 8.1% the day before. The chip company's stock has stabilized recently after falling more than 20% during the summer on worries investors had taken it too high in their frenzy around artificial-intelligence technology.

One report said the number of U.S. workers applying for unemployment benefits last week ticked up, though it remains low relative to history. Another said prices charged at the wholesale level were 1.7% higher in August than a year before. That’s a slowdown from July’s inflation rate, but an underlying measure that economists see as a better predictor of future trends also ticked up more than expected.

In the bond market, the yield on the 10-year Treasury edged up to 3.67% from 3.66% late Wednesday. It's steadying after sliding sharply since April on expectations for coming cuts to rates. That easing helped pull the average rate on a 30-year mortgage in the U.S. to its lowest level in 19 months, according to Freddie Mac.

“Any divergence from this path - whether from resurgent inflation or recessionary risks - will likely be received poorly by the market,” according to the strategists led by Jonathan Golub.

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