Nasdaq, S&P 500 add over 2% at close as recession fears recede

US stock indices extended their gains on Thursday as investors assessed economic data showing that weekly jobless claims fell at the steepest pace in nearly 11 months. This eased investor concerns about weakness in the labor market.

The Dow Jones Industrial Average advanced 683 points, or 1.75%, closing at 39,446 points.

Likewise, S&P 500 added 2.3%, or 119 points, to end at 5,319 points Nasdaq Composite surged 2.85%, or 464 points, to finish at 16,660 points.

Elsewhere, STOXX Europe 600 closed 0.1% up at 496.3 points.

Germany’s DAX 40 Index edged up 0-.35% to 17,680 points. Meanwhile, the CAC 40 Index lost nearly 0.25% to end at 7,247 points. FTSE 100 lost the same percentage to end at 8,144 points.

In Japan, Nikkei shed 0.75%, or 258 points, to 34,831 points. TOPIX also dived 1.1%, to 2,461 points.

In the oil market, futures for benchmark Brent crude for October delivery rose more than 1%, or 83 cents, to $79.16 a barrel.

Meanwhile, the price of US WTI crude for September delivery advanced 1.3%, or 96 cents, to $76.19 a barrel.

As for gold, December futures prices dropped 1.25%, or $30.9, to $2,463.30 per ounce.