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US stocks took a leap higher Thursday after weekly initial jobless claims fell more than forecast in a reassuring update on the health of the US labor market.
The S&P 500 (^GSPC) rose 2.3%, while the tech-heavy Nasdaq (^IXIC) rallied nearly 2.9%. The Dow Jones Industrial Average (^DJI) was up almost 1.8%, or more than 650 points. Thursday marked the S&P 500’s largest one-day gain since November 2022.
The normally routine jobless claim update found itself in the spotlight Thursday amid increasing scrutiny on the labor market, as last week’s sluggish non-farm payrolls update served as one of the earliest catalysts of the recent declines.
Government data showed that there were 233,000 initial jobless claims in the week ending Aug. 3, down from 250,000 last week and fewer than what economists had forecast.
The number added a fresh jolt into Thursday’s trading. Wall Street saw a comeback attempt falter on Wednesday, as stocks faded into the close and ended up with sizable declines. The moves — from big gains to significant losses — continued a turbulent stretch that has pervaded markets for much of the past week.
In individual movers, “Magnificent Seven” stalwart and AI giant Nvidia (NVDA) was in focus after another back-and-forth day left its stock down another 5%. The stock rose about 6%.
Eli Lilly (LLY) was the highlight of the earnings docket. Shares of the pharmaceutical company soared more than 9% after it boosted its annual revenue and profit forecasts on strong weight-loss drug sales.
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