*

May PPI falls unexpectedly, weekly jobless claims at

10-month

high

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Broadcom ( AVGO ) soars after FY forecast raise on AI chips

strength

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Indexes: Dow down 0.2%, S&P 500 up 0.2%, Nasdaq up 0.3%

(Updates to 4:15 p.m. ET)

By Caroline Valetkevitch

NEW YORK, June 13 (Reuters) - The S&P 500 and Nasdaq

registered record closing highs for a fourth session in a row on

Thursday as technology shares extended their recent rally.

The number of Americans filing new claims for unemployment

benefits increased last week and another report showed producer

prices unexpectedly fell in May, helping to keep alive hopes

that an interest rate cut by the Federal Reserve may be on the

horizon.

The Fed on Wednesday projected only one rate cut this year,

while its outlook in March included three

quarter-percentage-point reductions.

The S&P 500 technology sector jumped 1.4% and an

index of semiconductors rose 1.5%, both reaching all-time

closing highs.

Shares of Broadcom ( AVGO ) jumped 12.3% after the chipmaker

raised its forecast for revenue from semiconductors used in

artificial intelligence technology. It also announced a 10-for-1

forward stock split.

Shares of Nvidia ( NVDA ) rallied 3.5%, and Apple ( AAPL )

ended up 0.5%.

"It's still very much a tech story" in stocks, said Paul

Nolte, senior wealth advisor and market strategist for Murphy &

Sylvest in Elmhurst, Illinois. "When you look at the broader

market, you're not seeing the participation you would like to

see from a healthier market."

The Dow Jones Industrial Average fell 65.11 points,

or 0.17%, to 38,647.1, the S&P 500 gained 12.71 points,

or 0.23%, at 5,433.74 and the Nasdaq Composite rose

59.12 points, or 0.34%, to 17,667.56.

After the closing bell, shares of Adobe jumped more

than 14% after the Photoshop maker beat Wall Street expectations

for second-quarter revenue. The stock ended the regular session

down 0.2%.

On Wednesday, new data showed a gauge of consumer prices

was unchanged in May for the first time in almost two years.

Some investors are wondering whether the economy may be

slowing too quickly.

The economically sensitive industrials sector fell

0.6% and the small-cap Russell 2000 index dropped 0.9%.

Tesla shares gained 2.9%. Tesla

shareholders

were set to approve Elon Musk's $56 billion pay package.

Volume on U.S. exchanges was 10.14 billion shares,

compared with the 12.49 billion average for the full session

over the last 20 trading days.

Declining issues outnumbered advancers on the NYSE by a

1.58-to-1 ratio; on Nasdaq, a 1.91-to-1 ratio favored decliners.

The S&P 500 posted 15 new 52-week highs and 10 new lows;

the Nasdaq Composite recorded 53 new highs and 129 new lows.