U.S. stocks rose to pull the S&P 500 back within 1% of its record following a rough April.
The index climbed 0.5% Thursday. The Dow Jones Industrial Average rose 0.8%, and the Nasdaq composite gained 0.3%. Helping to keep the market steady was a report showing a rise in the number of U.S. workers applying for unemployment benefits, though it remains low compared with history.
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Treasury yields erased earlier gains after the report raised hopes that the Federal Reserve will cut interest rates this year. Across the Atlantic, the Bank of England hinted a cut to its key rate may come soon.
On Thursday:
The S&P 500 rose 26.41 points, or 0.5%, to 5,214.08.
The Dow Jones Industrial Average rose 331.37 points, or 0.8%, to 39,387.76.
The Nasdaq composite rose 43.51 points, or 0.3%, to 16,346.26.
The Russell 2000 index of smaller companies rose 18.50 points, or 0.9%, to 2,073.63.
For the week:
The S&P 500 is up 86.29 points, or 1.7%.
The Dow is up 712.08 points, or 1.8%.
The Nasdaq is up 189.94 points, or 1.2%.
The Russell 2000 is up 37.91 points, or 1.9%.
For the year:
The S&P 500 is up 444.25 points, or 9.3%.
The Dow is up 1,698.22 points, or 4.5%.
The Nasdaq is up 1,334.91 points, or 8.9%.
The Russell 2000 is up 46.56 points, or 2.3%.
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