Dow closes up, jobs data boost rate-cut hopes

The S&P 500 gained 26.41 points, or 0.51%, to 5,214.08 points, while the Nasdaq gained 43.51 points, or 0.27%, to 16,346.27. The Dow rose 331.37 points, or 0.85%, to 39,387.76.

NEW YORK: The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major US indices gained after weekly jobless claims data offered fresh hope for interest-rate cuts.

US Federal Reserve policy has been the main driver of investor sentiment in 2024. Renewed hopes the central bank will cut rates have pushed the Dow to its biggest rally since December. It closed at its highest since April 1.