STORY: U.S. stocks closed higher on Thursday regaining some of their momentum thanks to a rebound by technology stocks.
The Dow gained half a percent, the S&P 500 climbed six tenths of a percent and the Nasdaq jumped one percent.
Data on Thursday showed a sharp jump in weekly jobless claims, signaling a softening labor market.
“Economic data is all pointing towards recession, but stocks don't seem to care.”
Ryan Belanger is Managing Principal and Founder of Claro Advisors.
“They're brushing that off. They're riding the wave higher. They've got momentum behind them in certain sectors. And it's almost close to 100 stocks in the S&P 500 have made fresh 52 week highs recently. And that's really remarkable in the face of all the economic data."
Investors are now waiting on inflation data and a Federal Reserve policy meeting next week.
Most traders have priced in a pause in rate hikes by the central bank.
Meanwhile, a rebound in technology and megacap stocks helped major indexes regain their footing amid thin volumes.
Heavyweight Amazon gained two-and-a-half percent as Wells Fargo initiated coverage on the company with an "overweight" rating.
Nvidia, Apple and Tesla rose between roughly one-and-a-half and four-and-a-half percent.
Meme stock GameStop tanked nearly 18% as billionaire investor Ryan Cohen took over as executive chairman after the video-game retailer ousted its CEO and posted a bigger-than-expected quarterly loss.