by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended sharply higher on Thursday, with the Nasdaq and S&P 500 up more than 2 percent, after weekly U.S. jobless claims fell more than expected, data that eased fears that the jobs market was deteriorating too quickly.
The Dow Jones index gained 1.76%, or 683.04 points, to 39,446.49 points.
The broader S&P 500 gained 119.81 points, or 2.30%, to 5,319.31.
The Nasdaq Composite rose 464.22 points (2.87%) to 16,660.02 points.
Markets had been tense after the publication last week of a disappointing monthly employment report, which raised fears of a recession in the American economy and generated increased volatility on Wall Street.
“These were the major data of the week, so they had added importance,” Paul Nolte, an advisor and strategist at Murphy & Sylvest in Illinois, said of the unemployment figures.
“Our reading is that the labor market continues to do well (…) Fears of a recession are probably a little exaggerated at the moment,” he added.
All major S&P 500 sectors advanced during the day’s session, led by technology and communication services.
Large technology stocks were strong contributors to the S&P 500’s performance.
Although the earnings season has slowed down, investors are still paying close attention to it, following some disappointing results reported this summer.
Eli Lilly rose 9.5% after raising its annual profit forecast.
Under Armour jumped 19.2% after reporting an unexpected quarterly profit.
( Jean Terzian)
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