Stocks rebounded on Thursday from a three-day sell-off amid a bounce back in technology shares. The Dow Jones Industrial Average gained 188 points. The S&P 500 rose more than 1% and the Nasdaq Composite rallied nearly 1.8%.
A coronavirus pandemic low for jobless claims data also boosted sentiment on Thursday. The number of first-time claims for unemployment benefits for the week ended May 15 came in at 444,000, the lowest since March 14, 2020, the Labor Department reported.
"The jobless claims read shows once again that that we're heading in the right direction," said Mike Loewengart, managing director of investment strategy at E-Trade Financial. "While inflation has been the star of the show, keep in mind that the Feds mandate is two-fold—with employment as the other side."
