Stocks rallied to a higher close on Wall Street as new jobless benefits data showed that the labor market remains strong.
The S&P 500 rose 1.7% Thursday and the Nasdaq and Dow also closed higher. The major indexes are headed for monthly losses to cap off the worst year for stock investors since 2008.
Tesla recovered much of its recent losses. The Labor Department said the number of people seeking unemployment benefits was only modestly higher last week, a sign that the labor market remains strong. Treasury yields were mixed. Markets in Europe were higher and markets in Asia slipped.
The S&P 500 rose 66.06 points, or 1.7%, to 3,849.28.
The Dow Jones Industrial Average rose 345.09 points, or 1%, to 33,220.80.
The Nasdaq rose 264.80 points, or 2.6%, to 10,478.09.
The Russell 2000 index of smaller companies rose 44.23 points, or 2.6%, to 1,766.25.
For the week:
The S&P 500 is up 4.46 points, or 0.1%.
The Dow is up 16.87 points, or 0.1%.
The Nasdaq is down 19.78 points, or 0.2%.
The Russell 2000 is up 5.32 points, or 0.3%.
For the year:
The S&P 500 is down 916.90 points, or 19.2%.
The Dow is down 3,117.50 points, or 8.6%.
The Nasdaq is down 5,166.88 points, or 33%.
The Russell 2000 is down 479.06 points, or 21.3%.