S&P 500 Ends Higher After Choppy Day

Data showed that the number of Americans filing new claims for unemployment benefits fell to a 17-month low last week, pointing to another month of robust job growth.

Stocks had sold off sharply a day earlier after minutes from the Fed's July meeting showed officials felt it was possible that a key benchmark for decreasing support "could be reached this year."

"It’s very much investors grappling with the growth outlook for the global economy, and how aggressive the Fed will taper when they get around to it,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.

The Dow Jones Industrial Average fell 0.19 percent to 34,894, the S&P 500 gained 0.13 percent to 4,406 and the Nasdaq Composite added 0.11 percent to 14,542.

Technology shined among S&P 500 sectors, rising one percent, helped by a four percent gain for shares of Nvidia. The chip company forecast third-quarter revenue above Wall Street expectations late on Wednesday as it benefits from a boom in demand.

In company news, shares of US department store chains Macy's and Kohl's rose 19.6 percent and 7.3 percent, respectively, following increased annual sales forecasts.

A rebound in the US economy including a stellar second-quarter corporate earnings season on top of accommodative monetary policy has underpinned positive sentiment for equities, with the S&P 500 up about 100 percent since its March 2020 pandemic low.

Focus is shifting to the Fed's annual research conference in Jackson Hole, Wyoming, next week for any read about the central bank's next steps. (Reuters)