S&P 500 reclaims $4,500 as US equities rally, Dow Jones rises nearly 1%

US equities are broadly higher heading into the Thursday closing bell, with indexes chalking in gains as US economic data continues to beat expectations. The Standard & Poor’s (S&P) 500 equity index

US equity markets have broadly fully bought into the optimism of a soft landing scenario as the US economy continues to print upbeat figures, and investors are shrugging off their recent fears of a pronounced downturn in the world’s largest economy.

S&P climbs over $4,500 hurdle

The S&P has clipped into the $4,500 level after catching a ride up the charts, bolstered by a positive showing for US producer price index figures, which lifted 0.7% in August. Retail sales for August also improved, rising 0.6% against the 0.1% forecast.

The S&P 500 closed Thursday at $4,505.10, climbing 37.66 points on the day and finishing up 0.84%. The Nasdaq Composite Index also rose, closing the day in the green by 0.81% at $13,926.05.

Meanwhile, the big winner of the major US indexes was the Dow Jones Industrial Average (DJIA), which cleared nearly a full percentage point for Thursday, closing up 0.96% at $34.907.00.

More US data due on Friday

US markets will next be turning an eye to Friday’s economic calendar, where investors will be hoping for continued help from data beats on consumer expectations, industrial production, and the NY Empire State manufacturing index.

The preliminary reading of the Michigan Consumer Sentiment Index on Friday is expected to show a slight decline to 69.1 from the previous 69.5, while Industrial Production for August is forecast to step lower from 1% to a scant 0.1%.

The NY Empire State Manufacturing Index is expected to improve, but still remain in negative territory. The market forecast is calling for a print of -10 against the previous -19.