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,
+0.96%
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,
+24.69%
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,
+0.84%
was gaining 0.9% and the Nasdaq Composite
COMP,
+0.81%
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.