S&P 500 rallies 2.3% after jobless claims report

The S&P 500 surged 2.3% on Thursday, marking its biggest single-day gain since November 2022. This rally came after a better-than-expected jobless claims report showcasing a decline to 233,000 for the week ending August 3, down from the prior week’s 250,000.

The positive data helped alleviate concerns about a weakening labor market, boosting investor confidence.

The 10-year Treasury yield also rose, closing at 3.997%. The Nasdaq jumped 2.9% and the Dow Jones Industrial Average added 683 points, or 1.8%. 

The Cboe Volatility Index dropped to 24, signaling reduced market fears. Eli Lilly’s stock surged 9.5% after raising its revenue guidance, while Warner Bros. Discovery shares plunged 9% due to a near-$10 billion loss from television writedowns.