Stocks jumped at the open Thursday, as investors headed into the final trading days of 2022.
The Dow Jones Industrial Average rose higher by 170 points, or 0.6%. The S&P 500 gained 0.7%, and the Nasdaq Composite climbed 1%.
Each of the major averages is still on pace, however, to post a negative week to finish the year. The Dow is down 0.4% for the week, while the S&P and Nasdaq have lost 6.5% and 1.6%, respectively, on a weekly basis.
The market pushed higher early Thursday after the Labor Department reported an increase in jobless claims from last week, amid Federal Reserve efforts to cool the economy and in particular the labor market.
First-time filings for unemployment benefits totaled 225,000 for the week ended Dec. 24, according to the report. That was an increase of 9,000 from the previous week and slightly above the 223,000 estimate from Dow Jones.
The market action follows a broad sell-off during the regular session Wednesday as recession fears weighed on investor sentiment in a losing week, month and year. The Dow lost 365.85 points, or 1.1%. The S&P 500 fell 1.2%, while the Nasdaq Composite dropped 1.35%.