Stocks rose higher Thursday as the broader market celebrated the biggest tech IPO of the year and weighed the latest batch of economic data. The Dow Jones Industrial Average rallied over 300 points, while the S&P 500 Index and Nasdaq Composite added about 0.8% each.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): +0.84% or +37.66 points to 4,505.10

Dow Jones Industrial Average (DIA  ): +0.96% or +331.58 points to 34,907.11

Nasdaq Composite Index (QQQ  ): +0.81% or +112.47 points to 13,926.05

In the spotlight, Arm (ARM  ) shares surged nearly 25% after the chip designer began trading publicly on the Nasdaq Thursday. Priced at $51 a share Wednesday, the company's fully diluted market capitalization is worth more than $54 billion. Arm closed its first day at $63.69 a share.

"The successful IPO of Arm certainly helps confidence," said Art Hogan, chief market strategist at B. Riley Financial, quoted by CNBC.

Arm's first-day performance, "sort of instills some confidence that perhaps the capital markets window is going to open gain after virtually being closed for the last 18 months," Hogan added.

Also driving market moves, August's producer price index (PPI) rose by a seasonally adjusted rate of 0.7% month-to-month and 1.6% annually, the Labor Department reported Thursday. On a core-basis, which excludes food and energy costs, PPI increased by 0.2% and 2.1%, respectively -- marking the lowest annual level since January 2021.

Separately, U.S. retail sales increased by a higher-than-expected 0.6% in August over July, the Commerce Department reported Thursday. Excluding auto sales, retail sales rose 0.6%, also topping Wall Street estimates.

Elsewhere, the United Auto Workers is "likely" to strike against Detroit automakers -- Ford (F  ), General Motors (GM  ) and Stellantis (STLA  ) -- is a contract agreement cannot be reached by Thursday, UAW President Shawn Fain said during a Facebook (META  ) Live event on Wednesday.

"If the companies continue to bargain in bad faith ... then our strikes are going to continue to grow," Fain said. "It's a battle of the working class against the rich; the haves versus the have-nots; the billionaire class against everybody else."

Delta Air Lines (DAL  ) joined peers including American Airlines (AAL  ), Spirit Airlines (SAVE  ) and Southwest Airlines (LUV  ) in cutting its profit estimates for the third quarter amid higher fuel and other costs. The airline now expects adjusted earnings between $1.85 and $2.05 per share, down from the prior forecast for a range of $2.20 and $2.50 per share.

BMO Capital Markets analyst Ameet Thakkar upgraded First Solar (FSLR  ) shares to Outperform, boosting the solar energy company's stock on Thursday.

"FSLR stock has declined by an unwarranted degree following its recent Analyst Day in our view. As highlighted in our Analyst Day recap note earlier this week, we believe consensus 2024-26 estimates are too low, but remain focused on 2027+ earnings power where FSLR is not fully sold out," Thakkar said in a Thursday note.

For Friday, market participants will turn their attention to fresh consumer data for August as Wall Street heads towards a week of gains.