Stocks Hit Fresh Record Highs

U.S. stocks ended to record highs on Thursday, boosted by a rally in oil prices as well as upbeat economic data. The Dow Jones Industrial Average gained 117.86 points, or 0.64%, to 18,613.52. The S&P 500 rose 10.30 points, or 0.47%, to 2,185.79. The Nasdaq Composite was up 23.81 points, or 0.46%, to 5,228.40.

Oil futures rallied Thursday to their highest settlement in nearly three weeks as comments from Saudi Arabia’s energy minister raised the possibility that major producers will take action to stabilize the market at a meeting planned for next month. September West Texas Intermediate crude tacked on $1.78, or 4.3%, to settle at $43.49 a barrel. October Brent crude added $1.99, or 4.5%, to $46.04 a barrel.

Macy’s said Thursday it plans to close about 100 stores next year and boost its online investments. The closures represent close to 14 percent of its stores under the Macy’s brand.

Nvidia Corp. (NVDA) hit record highs Thursday, then rose even more in late trading after beating earnings expectations. The graphics-chip specialist reported net income of $253 million, or 40 cents a share, on sales of $1.43 billion.