Dow trades flat but S&P 500 briefly retakes 4,700 near Thursday's open as Nvidia's stock rallies nearly 9%

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U.S. stock indexes opened modestly higher on Thursday, with the bulls finding some support on the heels of an upbeat report from semiconductor maker Nvidia Corp. (NVDA), which reported a 50% jump in revenue late Wednesday. Meanwhile, economic data on the day was strong, despite worries about higher inflation and supply-chain bottlenecks, which have dogged investors. New filings for jobless benefits slipped by 1,000 to 268,000 in the seven days ended Nov. 13, the government said. Economists polled by The Wall Street Journal had estimated initial jobless claims would total a seasonally adjusted 260,000. And the Philadelphia Federal Reserve Bank’s manufacturing index jumped in November to 39 from 23.8. Against that backdrop, stocks were tilting higher. The Dow Jones Industrial Average [: DJIA] traded flat at 35,921, near the open, the S&P 500 index advanced 0.2% to 4,697 and briefly retook 4,700, and the Nasdaq Composite Index advanced 0.3% to around 15,965. Outperformance by chip maker Nvidia was helping to bolster gains in the broader S&P 500.

-Mark Decambre

 

(END) Dow Jones Newswires

11-18-21 0934ET

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