S&P 500 hits new high on labor market data and China’s stimulus pledge

• The S&P 500 hit a new high on Thursday amid upbeat labor and stimulus data from China.

• Micron had a big gain, rising as much as 20% on strong earnings.

• Data on personal consumption expenditures, the Fed’s preferred gauge of inflation, comes out on Friday.

US stocks rose on Thursday amid positive economic data and promises from China to launch new stimulus measures. The S&P 500 hit a new record high.

A rally in Micron shares led the gain, fueled by a report and better-than-expected earnings guidance. The memory chipmaker rose as much as 20 percent to intraday highs and closed 15 percent higher.

Thursday’s gains were also fueled by Beijing’s pledge to support China’s economy with additional stimulus measures, just days after the country unveiled a policy blitz to revive its sluggish economy and housing market.

Meanwhile, new jobless claims data unexpectedly fell, providing a sign of stability for the labor market and fueling further bets for aggressive rate cuts.

Heading into Friday, traders are looking forward to the personal consumption expenditure data due on Friday.

Here’s where U.S. indices were at 10:10 a.m. Thursday:

Here’s what’s happening today:

In commodities, bonds and crypto:

• Oil futures fell. WTI crude fell 3.29% to $67.32 a 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 percent.

• Bitcoin rose 0.31% to $57,745.72

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