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US weekly jobless claims slip; Q2 GDP unrevised

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Accenture ( ACN ) gains after upbeat annual revenue forecast

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Miners jump after report of Chinese stimulus

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Indexes up: Dow 0.62%, S&P 500 0.4%, Nasdaq 0.6%

(Updates with closing prices)

By Echo Wang

Sept 26 (Reuters) -

The S&P 500 scored a record closing high and the Dow and

Nasdaq rose on Thursday, as Micron Technology ( MU ) shares

rallied and a strong U.S. jobless claims report eased labor

market concerns.

Shares of Micron Technology ( MU ) rose 15.78% after the

memory chip maker projected first-quarter revenue above

expectations, highlighting strong demand for memory chips used

in artificial intelligence computing.

The broader Philadelphia SE Semiconductor index added

3.77% as most chip stocks rallied.

A string of robust U.S. economic data eased concerns that

the Federal Reserve may be cutting rates aggressively to curb

any slowdown.

Weekly jobless claims fell more than anticipated, signaling

a steady labor market, while the final reading of gross domestic

product confirmed that the economy grew 3% in the second

quarter.

"It (the GDP number) just kind of reinforces that strong

economic growth backdrop that we have been seeing," said Mike

Dickson, head of research at Horizon Investments in Charlotte,

North Carolina.

The benchmark S&P 500 closed up 23.11 points, or

0.40%, at 5,745.37, after rising to a record intraday high of

5,767.37.

The blue-chip Dow Jones Industrial Average rose

260.36 points, or 0.62%, to 42,175.11. The Nasdaq Composite

advanced 108.09 points, or 0.60%, to 18,190.29.

Seven of the 11 S&P 500 sectors climbed, led by

materials, which rose 1.97%.

The S&P 500 and Dow have hit multiple record highs this

year, while the tech-heavy Nasdaq is about 2% shy of its own

milestone. Market rallies have been driven by optimism

surrounding AI and expectations of lower interest rates.

Metal prices got a boost after China pledged to deploy

"necessary fiscal spending." Copper miners such as

Freeport-McMoRan ( FCX ) gained 7.45%, while lithium miners

including Albemarle and Arcadium added 9.92%.

"The story driving the market absolutely has to do with the

Chinese stimulus and the announcement of the support that the

government's willing to provide to help just boost consumer

health there (and) reduce real estate pressures," Dickson added.

However, energy stocks lost 2%, tracking crude

prices that slid on expectations of greater supply by the

Organization of the Petroleum Exporting Countries.

The Russell 2000 index tracking small caps

outperformed the broader market with a 0.62% gain.

Late on Wednesday, Fed Governor Adriana Kugler said she

"strongly supported" the central bank's decision to kick off

monetary policy easing last week.

Investors have been swaying between a 25- and 50-basis point

cut since the Fed commenced its easing cycle, with bets favoring

a bigger cut now, up from 38.8% a week ago, the CME Group's

FedWatch Tool showed.

U.S.-listed Chinese firms such as Li Auto ( LI ) gained

7.13%, PDD Holdings ( PDD ) advanced 13.28%, while Alibaba

added 10.08%.

Shares of Wells Fargo ( WFC ) gained 5.19% after a report

showed the banking giant had sent the Fed a review for lifting

asset cap restrictions.

Southwest Airlines ( LUV ) gained 5.42% after the carrier

raised its third-quarter revenue forecast, while Accenture ( ACN )

rose 5.57% after the IT services provider forecast

annual revenue above estimates.

Advancing issues outnumbered decliners by a 1.94-to-1 ratio

on the NYSE. There were 626 new highs and 71 new lows on the

NYSE.

The S&P 500 posted 50 new 52-week highs and two new lows

while the Nasdaq Composite recorded 95 new highs and 94 new

lows.

Volume on U.S. exchanges was 12.46 billion shares,

compared with the 11.82 billion average for the full session

over the last 20 trading days.