Dow industrials on pace for best day in 5 weeks as stocks rally on economic data, Arm’s IPO

U.S. stocks were higher in the final hour of trading on Thursday with the Dow Jones Industrial Average DJIA, +0.98% on track for its best day since August 7, as investors digested the latest data on retail sales and producer prices, while cheering Arm Holdings’ ARM, +18.43% initial public offering which boosted the broader market confidence.

The Dow industrials were rising 368 points, or 1.1%, to 34,942, while the S&P 500 SPX, +0.83% was gaining 0.9% and the Nasdaq Composite COMP, +0.83% was up nearly 1%, according to FactSet data. Arm Holdings, the British chip-design company controlled by SoftBank, was jumping over 15% in the final hour of trading Thursday after selling shares at $51 a piece in its initial public offering.

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