Stocks rose on Thursday as gains in bank shares and the oil market offset another dismal round of U.S. unemployment data.
The Dow Jones Industrials recovered from heavy losses in the morning, and raced ahead 246.66 points, or 1.1%, to 23,494.63. The Dow also snapped a three-day losing streak.
The S&P 500 rebounded 32.5 points, or 1.2%, to 2,852.50.
The NASDAQ restocked 80.55 points to 8,943.72.
Still, the major averages remained on track for their worst weekly performance since March 20. The S&P 500 and Dow have both lost more than 2.6% this week while the NASDAQ has fallen 1.9%.
Bank of America and JPMorgan Chase gained at least 4% each. Citigroup ended the session 3.6% higher while Wells Fargo advanced over 6.8%.
The U.S. Labor Department reported Thursday a total of 2.981 million Americans filed unemployment insurance during the week ending May 9. The number came in worse than expectations of 2.7 million new claims, according to economists polled by Dow Jones.
Prices for the 10-Year Treasury grew, lowering yields to 0.62% from Wednesday’s 0.65%. Treasury prices and yields move in opposite directions.
Oil prices leaped $2.43 to $27.72 U.S. a barrel.
Gold prices jumped $22.80 to $1,739.20 U.S. an ounce.