Stocks rose on Thursday after getting a boost from semiconductor stocks, while strong economic data eased lingering fears of a possible recession.

The S&P 500 recently rose 0.1% after previously setting a new intraday record. The Dow Jones Industrial Average rose 102 points, or 0.2%, and the Nasdaq Composite preferred 0.2%.

Chip stocks led the gains, recouping some of their recent losses. Artificial intelligence, darling Nvidia rose 3% and reached a new all-time high. The stock was then increased Taiwan Semiconductoran important supplier for Nvidia and other chipmakers reported strong third-quarter results and raised its sales forecast for the final three months of the year. TSMC shares rose 13% AMD also rose by 1%.

Michael Green, chief strategist at Simplify Asset Management, said the return to Big Tech names is simply investors returning to their “normal.”

“This feels more normal than an expansion or reversal or anything major like that,” he told CNBC.

New economic data published on Thursday also boosted share prices.

Retail sales in September showed consumer spending was still robust, with monthly spending rising 0.4% versus the Dow Jones consensus estimate for 0.3%. Sales excluding cars rose 0.5%, much stronger than the 0.1% forecast. Jobless claims for the week ending Oct. 12 were also lower than expected.

However, Green said the strong retail sales were largely due to seasonal adjustments and that the rise in stocks could be interpreted as a result of investor optimism.

“If you look at this year compared to last year on a non-seasonally adjusted basis, (the numbers) were largely unchanged. So would I interpret it as significantly stronger data? Not really. But what matters is how the market interprets them and the market clearly wants to see it in an optimistic light at the moment,” he said.