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Stocks climbed Thursday after new labour market data boosted investors’ confidence in the U.S. economy following a sharp market sell-off earlier in the week.
The Dow Jones Industrial index popped 556.73 points, or 1.4%, to 39, 320.18
The S&P 500 index recovered 104.15 points, or 2%, to 5,303.65.
The NASDAQ surged 407.12 points, or 2.5%, to 16,602.93.
Pharmaceutical giant Eli Lilly surged around 9% after posting better-than-expected earnings and raising its full-year outlook on strong demand for diabetes treatment Mounjaro and obesity drug Zepbound. The momentum names which suffered the most Monday bounced back Thursday.
Chipmakers Nvidia and Broadcom jumped 4% and 5.2%, respectively. Meta Platforms climbed 3%, and Apple ticked up 1.3%.
The moves come after stocks were unable to hold an early rally on Wednesday, fueling concerns that the factors that caused Monday’s selloff haven’t gone away. The S&P 500 fell 0.8% and the tech-heavy NASDAQ Composite sank 1.1%. The 30-stock Dow shed 0.6%.
All three averages have declined in four of the past five sessions.
The latest weekly jobless claims came in below forecasts, helping to allay some recent concerns on the strength of the labour market. First-time filings for jobless benefits came in at 233,000 last week, down 17,000 from the previous week and lower than the Dow Jones estimate for 240,000, the U.S. Labor Department reported Thursday.
Prices for the 10-year Treasury backed off, yields hiking to 3.99% from Wednesday’s 3.95%. Treasury prices and yields move in opposite directions.
Oil prices prospered 71 cents at $75.94 U.S. a barrel.
Gold prices brightened $25.90 to $2,459.40.
