The S&P 500 Index ($SPX) (SPY) Thursday closed up +2.30%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.76%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +3.06%.
US stocks on Thursday settled sharply higher. Stocks rallied Thursday after US weekly initial unemployment claims fell more than expected, signaling labor market strength and easing economic concerns that arose after last Friday’s weaker-than-expected July payroll report. Also, chip stocks recovered some of Wednesday’s losses and rallied sharply Thursday, boosting the overall market. Stock indexes fell back from their best levels Thursday afternoon after weak demand for the Treasury’s $25 billion 30-yer T-bond auction pushed T-note yields to their highs for the day.
