Wall St closes higher on positive US economic data
US weekly jobless claims slip; Q2 GDP unrevised
Accenture gains after upbeat annual revenue forecast
Miners jump after report of Chinese stimulus
Dow, S&P 500, Nasdaq all higher
Updates with closing details
By Echo Wang
Sept 26 (Reuters) -Wall Street's main indexes ended higheron Thursday, with the S&P 500 scoring a record high, as a surge inMicron Technology MU.O shares and a solidU.S. jobless claims report eased concerns aboutthe labor market.
Shares of Micron Technology MU.O rose after the memory chip maker projected first-quarter revenue above expectations, highlighting strong demand for memory chips used in artificial intelligence computing.
The broader Philadelphia SE Semiconductor index .SOX increasedas most chip stocks rallied.
A string of robust U.S. economic data eased concerns that the Federal Reserve may be cutting rates aggressively to curb any slowdown.
Weekly jobless claims fell more than anticipated, signaling a steady labor market, while the final reading of gross domestic product confirmed that the economy grew 3% in the second quarter.
"It (the GDP number) just kind of reinforces that strong economic growth backdrop that we have been seeing," said Mike Dickson, head of research at Horizon Investments in Charlotte, North Carolina.
According to preliminary data, the S&P 500 .SPX gained 23.34 points, or 0.41%, to end at 5,745.60 points, while the Nasdaq Composite .IXIC gained 104.92 points, or 0.58%, to 18,187.12. The Dow Jones Industrial Average .DJI rose 255.23 points, or 0.61%, to 42,169.98.
Metal prices got a boost after China pledged to deploy"necessary fiscal spending." Copper miners such as Freeport-McMoRan FCX.N gained, whilelithium miners including Albemarle ALB.N and ArcadiumALTM.N advanced.
"The story driving the market absolutely has to do with the Chinese stimulus and the announcement of the support that the government's willing to provide to help just boost consumer health there (and) reduce real estate pressures," Dickson added.
However, energy stocks .SPNY slipped, tracking crude prices that slid on expectations of greater supply by the Organization of the Petroleum Exporting Countries. O/R
The Russell 2000 index tracking small caps .RUT outperformed the broader market.
The benchmark S&P 500 .SPX and blue-chip Dow .DJI have hit multiple record highs this year, while the tech-heavy Nasdaq .IXIC is about 2% shy of its own milestone. Market rallies have been driven by optimism surrounding AI and expectations of lower interest rates.
Late on Wednesday, Fed Governor Adriana Kugler said she "strongly supported" the central bank's decision to kick off monetary policy easing last week.
Investors have been swaying between a 25- and 50-basis point cut since the Fed commenced its easing cycle, with bets favoring a bigger cut now, up from 38.8% a week ago, the CME Group's FedWatch Tool showed.
U.S.-listed Chinese firms such as Li Auto <LI.O>, PDD Holdings <PDD.O> and Alibaba<BABA.N> gained.
Shares of WellsFargo WFC.N rose aftera report showed the banking giant had sent the Fed a review for lifting asset cap restrictions.
Southwest Airlines LUV.N gained afterthe carrier raised its third-quarter revenue forecast, while Accenture ACN.N roseafter the IT services provider forecast annual revenue above estimates.
AI frenzy boosts Micron's revenue growth https://reut.rs/3TENzLG
Fed views of the rate cut ending https://reut.rs/4de1H5H
Reporting by Echo Wang in New York; Additional reporting by Johann M Cherian and Purvi Agarwal in Bengaluru; Editing by Anil D'Silva, Maju Samuel and Richard Chang
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