Major U.S. stock indexes edged higher on Thursday as technology companies powered a broad rally for stocks, lifting the S&P 500 to its biggest gain since March.
Every S&P 500 company that reported earnings so far this week has exceeded Wall Street’s forecasts.
At the finishing bell, on the New York Stock Exchange (NYSE), the blue-chip Dow Jones Industrial Average surged +534.75 points, or +1.56%, to end at 34,912.56.
The broad-based Standard & Poor’s 500 Index rallied +74.43 points, or +1.71%, to finish at 4,438.23, marking the benchmark index’s largest one-day percentage gain since March 5.
The rich-tech Nasdaq Composite Index gained +251.8 points, or +1.73%, to 14,823.4.
Big Tech stocks Microsoft, Apple and Google-parent Alphabet each gained at least +2%, supporting the market.
In bond markets, where yields fall when bond prices rise, the yield on the 10-year Treasury note ticked down to 1.519% Thursday, from 1.549% Wednesday, providing some relief to growth and technology stocks.
Economic data, the U.S. Labor Department said the number of Americans applying for unemployment benefits last week fell to its lowest level since the pandemic began after reporting a decline to 293,000 from 329,000 the week prior.
The latest inflation report showed that businesses continue to face pressure from rising costs.
The Labor Department said inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance since the 12-month change was first calculated in 2010.
The report came a day after the government said inflation at the consumer level rose 5.4% in September from a year ago, matching the highest rate since 2008.