The Dow Jones Industrials vaulted 168.26 points to conclude Thursday at 33,833.28.
The much-broader S&P 500 added 26.34 points to 4,293.86.
The S&P 500 is coming off a down session but is still within striking distance of the key 4,300 level. The broader market index also hit its highest level since late August this week, adding to a 2.2% rally month to date. The index is higher 7% over the past three months.
The NASDAQ index 133.63 points, or 1%, to 13,288.52.
Amazon led tech shares higher after bullish analyst commentary. The tech giant’s shares rose more than 2%.
New weekly jobless claims data released on Thursday showed initial jobless claims reached their highest level since October 2021, indicating a potentially softening labour market. The uptick also raised expectations the Federal Reserve would pause its rate-hiking campaign at its meeting next week.
Markets are pricing a 76% chance that the Fed keeps rates steady at the next meeting, according to the CME FedWatch Tool.
Prices for the 10-year Treasury gained ground, dropping yields to 3.71% from Wednesday’s 3.79%. Treasury prices and yields move in
opposite directions.
Oil prices slid $1.51 to $71.02 U.S. a barrel.
Gold prices rocketed $21.00 to $1,979.40 U.S. an ounce.