U.S. stocks continued their roller-coaster ride this week, rallying from Wednesday’s decline as the figures for weekly jobless claims pointed to improving labor market conditions.
Thursday’s report appeared ahead of Friday’s reading on job creation from the Labor Department, which economists expect will show nonfarm payrolls rose 148,000 in April, versus a rise of 88,000 in March.
The S&P 500 benchmark index hit an all-time high, rising 0.9 percent to 1,597.59 points on Thursday. The Dow Jones Industrial Average also pared its losses, advancing 0.9 percent, to 14,831.58.
A basket of industry counters tracked by Footwear News gained an average of 1.1 percent during the day.
The biggest gainer was R.G. Barry Corp., which rose 3.9 percent to close at $13.72 a share.
The biggest loser was DSW Inc., which slipped 2 percent to end at $63.50 a share.