MARKET SNAPSHOT

U.S. stocks ended higher on strong economic data and Micron earnings. Treasury yields rose after data showed a cooling, but still resilient, U.S. economy. The dollar fell while gold rose, setting yet another record high. Oil futures fell following a report that Saudi Arabia will scrap its price target, and boost output.

MARKET WRAPS

EQUITIES

Stocks rose, thanks in part to miners like Freeport-McMoRan and industrial firms including 3M and Caterpillar. Micron shares surged 15% after the company said robust AI demand lifted its earnings and that the outlook was bright.

The Dow Jones Industrial Average climbed 0.6%, and the tech-heavy Nasdaq Composite rose 0.6%. The S&P 500 edged 0.4% higher and is on pace for its best performance through the first three quarters of the year since 1997.

Chip stocks rose following Micron's big earnings report, with Qualcomm and Advanced Micro Devices advancing. Super Micro Computer retreated 12% after The Wall Street Journal reported the company is being probed by the Justice Department. Economic data was also in focus, with several strong readings. Jobless claims undershot forecasts, while durable-goods orders proved unexpectedly robust.

In Asian trading, Chinese shares closed higher after top policymakers pledged more stimulus, including possible fiscal support. Oil stocks were among the few decliners.

The benchmark Shanghai Composite Index closed 3.6% higher, above the key 3000 level for the first time since June. The Shenzhen Composite Index rose 4.0% and the ChiNext Price Index gained 4.4%. Hong Kong's Hang Seng Index ended 4.2% higher after Chinese policymakers pledged more fiscal and monetary support.

Japan's Nikkei Stock Average rose 2.8%, its highest close since July 31. Semiconductor-related names surged after Micron's shares jumped in after-hours trading on Wednesday in the U.S.

Australia's S&P/ASX 200 rose nearly 1%. Shares in the consumer discretionary and information technology sectors led the pack, rising about 2%, while energy was the only sector ending in the red, down 1.1%.

New Zealand's NZX-50 closed 2.2% higher -- its strongest one-day jump in almost four months. Utilities, logistics and aged-care stocks were among gainers as buyers stepped in after the benchmark index had fallen seven times in eight sessions.

COMMODITIES

Oil futures posted their lowest settlement in about two weeks, pressured after the Financial Times reported that Saudi Arabia was ready to abandon its $100-a-barrel price target as it prepares to increase production in a bid to take back market share.

West Texas Intermediate crude for November delivery settled down 2.9% at $67.67 a barrel, and November Brent fell 2.5% to $71.60 a barrel.

The Financial Times report, citing unidentified persons described as familiar with the country's thinking, said Saudi Arabia is committed to resuming that production on Dec. 1 even if it leads to a period of lower prices. The report also said the Saudis are ready to abandon their unofficial price target of $100 for crude oil.

Gold prices continued their ascension, with the front-month contract setting yet another record-high, closing up 0.4% to $2,669.90 an ounce.

"We see no reason to sell gold here and the Fed's projected rate path is supportive," said David Aspell, of Mount Lucas Management.

TODAY'S TOP HEADLINES

U.S. economy grew 3.0% in spring - and GDP looks set to repeat that feat in third quarter

The last of three updates on U.S. growth in the second quarter showed the economy expanded at solid 3.0% annual pace - and there's no sign it's taken a big turn for the worse.

Gross domestic product, the official scorecard of the economy, was unchanged from the prior 3.0% estimate, the government said Thursday.

What's more, the economy appears to be on track to expand at a similar clip in the soon-to-be-ending third quarter. The latest forecasts point to a growth rate just under 3.0%.

Jobless claims sink to 4-month low. Businesses aren't hiring - or firing - many people.

The numbers: The number of Americans who applied for unemployment benefits last week fell to a nearly four-month low of 218,000, reflecting the reluctance of businesses to cut jobs even though they're no longer hiring many new workers.

The remarkably low level of layoffs appears to be a saving grace for the economy. Hiring has slowed sharply and it's gotten a lot harder for people to find jobs, but as long as most people are working and spending, the economy should be OK, economists say.

New claims declined by 4,000 in the seven days that ended Sept. 21 from 222,000 in the prior week, the government said Thursday.

Durable-goods orders were flat in August, beating forecasts of a sharp decline

The numbers: Orders for U.S. durable goods were flat in August, the Commerce Department said Thursday.

The result was much better than anticipated. Economists had forecast a 3% fall in orders for durable goods - products made to last at least three years.

Durable good orders rose a revised 9.9% in July, up slightly from the prior estimate of a 9.8% gain.

Costco Wholesale Tops Earnings Estimates. Sales Were a Tad Soft.

Costco Wholesale barreled through earnings estimates, but the stock dipped in after-hour trading Thursday as sales fell short of expectations.

The wholesale retailer posted earnings of $5.29 a share, topping estimates for $5.08 a share, according to FactSet.

Revenue of $79.7 billion was a hair shy of consensus calls for $79.9 billion.

Justice Department Probes Server Maker Super Micro Computer

Super Micro Computer, the server maker that saw its business take off with the artificial-intelligence boom, is being probed by the Justice Department following a critical report by an activist short-selling firm, according to people familiar with the matter.

The probe is at an early stage, the people said. A prosecutor at the U.S. attorney's office in San Francisco recently has contacted people potentially holding relevant information.

The prosecutor asked for information that appeared to be connected to a former employee who accused the company of accounting violations. The former employee filed a whistleblower lawsuit in April against Super Micro and its chief executive.

Southwest Airlines Pitches New Vision for Budget Pioneer in Activist Battle

A new Southwest Airlines is taking shape.

The budget-travel pioneer is doing away with some hallmarks of the no-frills model that made it an industry icon, as it fends off an activist investor and tries to convince shareholders that its executives can pull off a financial turnaround.

Southwest next year will begin selling tickets that include assigned seats. And for the first time in more than 50 years, some seats will be better than others, for passengers who are willing to pay for a couple inches of extra legroom.