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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 0.6%, S&P 500 0.4%, Nasdaq 0.65%

(Updates with new quote, changes throughout)

By Echo Wang

Sept 26 (Reuters) - Wall Street's main indexes rose on

Thursday, with the S&P 500 scoring a record high, as Micron

Technology ( MU ) shares jumped, while a strong U.S. jobless

claims report eased concerns over the labor market.

Micron Technology ( MU ) rose 15.33% 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

gained 3.53% as most chip stocks rallied.

A string of U.S. robust 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.

As of 3:19 p.m. ET, the Dow Jones Industrial Average

rose 251.86 points, or 0.60%, to 42,166.61. The S&P 500

gained 22.97 points, or 0.40%, at 5,745.13 and the Nasdaq

Composite advanced 117.73 points, or 0.65%, to

18,199.86.

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

, which rose 1.98%.

Metal prices got a boost after China pledged to deploy

"necessary fiscal spending." Copper miners such as

Freeport-McMoRan ( FCX ) rose 7.61%, while lithium miners

including Albemarle and Arcadium advanced more

than 9%.

"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 slipped 1.9%, 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 0.78% gain.

The benchmark S&P 500 and blue-chip 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.

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

7.93%, PDD Holdings advanced 15.03%, while Alibaba

added 10.35%.

Wells Fargo ( WFC ) gained 5.22% after a report showed the

banking giant had sent the Fed a review for lifting asset cap

restrictions.

Southwest Airlines ( LUV ) climbed 6.87% after the carrier

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

gained 5.43% after the IT services provider forecast

annual revenue above estimates.

Advancing issues outnumbered decliners by a 2.11-to-1

ratio on the NYSE. There were 566 new highs and 66 new lows on

the NYSE.

The S&P 500 posted 48 new 52-week highs and two new lows

while the Nasdaq Composite recorded 87 new highs and 89 new

lows.