Stocks rebounded from Wednesday's lows on Thursday as market participants poured back into tech shares. All three major benchmarks rose by closing bell, with mega-cap tech stocks like Apple (AAPL  ) and Microsoft (MSFT  ) each jumping more than 1.5%.

On the economy front, producer prices rose more-than-expected in April, was service demand pushing prices sharply higher and demonstrating more inflation pressure. The Bureau of Labor Statistics (BLS) producer price index (PPI) for April increased by 0.6% month-over-month, topping estimates for a 0.3% rise, according to Bloomberg consensus data. Excluding food and energy prices, PPI matched March's gain with a rise of 0.7%.

For the year-to-date, producer prices climbed 6.2%, marking the greatest increase since the BLS first began calculating the 12-month data in 2010. Consensus economists expected a rise of 5.8%.

Meanwhile, new weekly jobless claims dropped to a new pandemic low of 473,000 for the week ended May 8, according to the Labor Department's latest report. The new total beat estimates for 490,000 and fell from the upwardly revised 507,000 tallied the prior week. Continuing unemployment claims also declined to 3.655 million for the week ended May, down from the previous week's 3.7 million reported.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): +1.22% or +49.45 points to 4,112.49

Dow Jones Industrial Average (DIA  ): +1.29% or +443.13 points to 34,020.79

Nasdaq Composite Index (QQQ  ): +0.72% or +93.31 points to 13,124.99

For Stocks, Tesla (TSLA  ) shares dropped on Thursday after CEO Elon Musk announced that the electric car maker will no longer accept Bitcoin for purchases, deepening losses as the stock has already declined in 11 of the last 13 sessions and is on track for its worst week since March 2020. Coinbase (COIN  ) shares were also dragged lower on the news.

For Sector Performance, every sector but Energy (XLE  ) was higher by the end of Thursday's session, with Industrials (XLI  ), Financials (XLF  ), Utilities (XLU  ) and Materials (XLB  ) leading gains.

For Commodities and Currency, the U.S. Dollar (UUP  ) steadied on Thursday as a fresh producer prices report showed further evidence of rising inflation in the United States. The dollar index was flat at 90.739 in afternoon trade against six other global currencies. Gold (GLD  ) prices bounced off a one-week low reached earlier in the session as a dip in U.S. Treasury yields boosted the yellow metal's appeal as investors moved to hedge against inflation. Spot gold was 0.5% higher at $1,824.89 per ounce in later trade, while U.S. gold futures settled 0.1% higher at $1,824.00 per ounce. Crude oil futures dropped on Thursday as Colonial Pipeline began to restart operations and the coronavirus crisis in India continued, harming demand outlooks. International benchmark Brent Crude (BNO  ) was 3.36% lower at $66.99 per barrel, while domestic index West Texas Intermediate dropped 3.5% lower to $63.74 each.

For Friday, market participants will focus on fresh data for April retail sales and a preliminary May consumer sentiment reading.