Dow Jones Industrial Average Gains 500 Points as Stocks Rise on 'Goldilocks' Economic Data

The Dow Jones Industrial Average rose 500+ points and the Nasdaq Composite gained more than 2% Thursday afternoon as a series of "Goldilocks" economic reports seemed to ease Wall Street's fears of either a U.S. recession or continued high inflation.

The indexes rose after U.S. July retail sales and weekly initial jobless claims both pointed to a "not too hot, not too cold" American economy.

July retail sales rose 1% vs the 0.3% that economists had expected, pointed to continued economic growth rather than a looming recession. Separately, initial jobless claims totaled 227,000 in the week ended Aug. 10 – lower than the 235,000 economists had forecast.

The robust data following two reports earlier this week that found both consumer and wholesale inflation apparently under control.

Put together, the data seemed to point to a U.S. economy that's neither sliding into a recession nor facing continued high inflation.

Wall Street hopes that will pave the way for the Federal Reserve to cut interest rates at its policy meeting next month. Lower rates historically boost stocks by making bond and money-market interest less attractive to investors.

Individual stocks making significant moves as of shortly before 4 p.m. ET Thursday included: