Dow ends at another record high as chip stocks, retail data support

Oct 17 - The Dow Jones Industrial Average ended higher on Thursday, its fourth record close in the last five sessions, as stronger-than-expected monthly retail sales indicated a robust U.S. consumer and chips stocks were buoyed by TSMC's upbeat forecast.

The chipmaker's U.S.-listed shares soared, while AI-trade favorite and TSMC customer Nvidia , gained. U.S. retail sales increased 0.4% in September, slightly more than expected, while weekly jobless claims fell unexpectedly. Josh Jamner, investment strategy analyst at ClearBridge Investments, said investors have been revising economic and earnings growth expectations as robust data eased worries about a recession.

Highlighting this was the fact the Dow advanced for the second straight day, but small cap indexes fell. The Russell 2000 , and the S&P Small Cap 600 , were down, having both closed at their highest in nearly three years on Wednesday. In earnings-related moves, Travelers Companies , and Blackstone Group , advanced after both the insurer and the money manager posted third-quarter profit which beat market expectations.

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