S&P 500 sets new record for labor market data and China’s promise of stimulus

• The S&P 500 set a new record on Thursday thanks to encouraging labor market data and stimulus from China.

• Micron was a big gainer, up as much as 20% on strong earnings.

• Data on personal spending, the Fed’s preferred measure of inflation, will be released on Friday.

U.S. stocks rose on Thursday on positive economic data and China’s promises of more stimulus measures. The S&P 500 set a new record.

The rally was helped by a sharp rise in Micron’s stock price, fueled by a better-than-expected earnings report and guidance. The memory chip maker rose as much as 20% on the day and closed 15% higher.

Thursday’s gains were also fueled by Beijing’s promise to support China’s economy with further stimulus measures, just days after the country unveiled a series of policies aimed at reviving its sluggish economy and real estate market.

Meanwhile, new jobless claims data unexpectedly fell, signaling stability in the labor market and fueling further hopes for aggressive interest rate cuts.

On Friday, investors are eagerly awaiting personal consumer spending data, which will be released on Friday.

Here’s the state of the US indices on Thursday at 10:10 a.m.:

Here’s what else will happen today:

For commodities, bonds and cryptocurrencies:

• Oil futures fell. WTI crude oil fell 3.29% to $67.32 per barrel. Brent crude, the international benchmark, fell 3.13% to $71.13 a barrel.

• Gold rose 0.01% to $2,685 an ounce.

• The 10-year Treasury yield rose six basis points to 3.794%.

• Bitcoin rose 0.31% to $57,745.72

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