Stocks rose higher Thursday, with the Dow Jones Industrial Average adding over 160 points and the S&P 500 reaching its new closing high for 2023, as investors look ahead towards the Federal Reserve's next policy announcement due next week.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): +0.62% or +26.41 points to 4,293.93

Dow Jones Industrial Average (DIA  ): +0.50% or +168.59 points to 33,833.61

Nasdaq Composite Index (QQQ  ): +1.02% or +133.63 points to 13,238.52

GameStop (GME  ) was in the spotlight on Thursday on news the meme-stock favorite has fired its CEO Matthew Furlong and appointed its board chairman Ryan Cohen as executive chairman. Moreover, GameStop reported a revenue drop for the first-quarter. The company did not hold an earnings call to explain its quarterly results or the executive shake-up, adding to investor concerns for the stock on Thursday -- shares dropped nearly 20% in morning trade.

"We believe the combination of these efforts to stabilize and optimize our core business and achieve sustained profitability while also focusing on capital allocation under Mr. Cohen's leadership will further unlock long-term value creation for our stockholders," GameStop said in its quarterly securities filing.

Market participants were also keeping a close eye on the regulatory fallout surrounding Coinbase (COIN  ), following the cryptocurrency exchange's sell-off on Tuesday after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the company. Berenberg Capital Markets analyst Mark Palmer said in a note Thursday that the stock is "uninvestable" in the near-term, reiterating the firm's Hold rating on the stock while also lowering its price target.

"We had expected COIN to report weak Q223 trading volumes even before the SEC filed a lawsuit against it on Tuesday, and we believe the overhang from the suit could result in persistent weakness in the company's trading volumes as well as a reduction in the amount of assets on its platform," Palmer wrote.

In economic news, initial unemployment claims rose to a more-than-expected 261,000 filings for the week ended June 3, marking an increase from the previous week's total of 233,000 claims. Last week's print also marks the data's highest weekly level since Oct. 20, 2021, signaling more labor market softening in response to higher interest rates.

Elsewhere, Carvana (CVNA  ) shares jumped nearly 25% after the online used car retailer announced an improved financial outlook for the second quarter following robust first quarter results as the tail-end of the earnings season remains strong. The company expects total gross profit per unit to be above $6,000 in its second quarter, which would be 60% above its total per unit from the same quarter last year.

"Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected," CEO Ernie Garcia said in the press release.

Looking ahead, market participants will continue to trade cautiously ahead of the central bank's next policy meeting, which kicks off on Tuesday. Markets are currently pricing a more than 73% chance that policymakers will keep interest rates steady in their decision on Wednesday, according to the CME FedWatch Tool.