Stocks rose on Thursday as Wall Street looked to extend its modest winning streak. The Dow Jones Industrial Average rose over 300 points, while the S&P 500 Index and Nasdaq Composite gained more than 1% and 2%, respectively.
The session's gains followed three straight positive days for the S&P 500, with the index rising 0.4% on Wednesday alongside similar gains for the Dow and Nasdaq. Investors were encouraged this week after the Federal Reserve released the minutes from its June meeting, with policymakers reaffirming their commitment to bringing down inflation.
"Participants concurred that the economic outlook warranted moving to a restrictive stance of policy, and they recognized the possibility that an even more restrive stance could be appropriate if eleverate inflation pressures were to persist," the meeting minutes read on Wednesday.
The central bank also discussed concerns that long-term inflation could become "entrenched" in the U.S. economy and risk price stability if the Fed is not swift to act.
"Many participants judged that a significant risk now facing the Committee was that elevated inflation could become entrenched if the public began to question the resolve of the Committee to adjust the stance of policy as warranted," the minuted said.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Jobless claims unexpectedly rise last week:
Weekly jobless claims unexpectedly rose higher last week, signaling that the labor market may be cooling amid tighter financial conditions for businesses.
Initial unemployment filings totaled 235,000 for the week ended July 2, according to the Labor Department's latest report published Thursday, rising by 4,000 from the previous week's print. Last week's total was the highest since Jan. 15 and raised the four-week moving average to 232,000, its highest level since December.
Moreover, continuous jobless claims also rose, totaling 1.375 million for the week ended June 23. That print increased by 51,000 from the previous week's total.
The labor market report comes ahead of the government's monthly employment report for June set to release on Friday.
