01:39 PM EDT, 05/02/2024 (MT Newswires) -- US equity indexes rose after midday Thursday as signals from the Federal Reserve that it is not looking at a rate hike despite strong recent macroeconomic data boosted investor sentiment.

The S&P 500 rose 0.6% to 5,049.6, with the Nasdaq Composite up 1% to 15,772.5 and the Dow Jones Industrial Average 0.6% higher at 38,133.1. Technology and consumer discretionary led the gainers, while the materials sector was the steepest of the trio of decliners intraday.

On Wednesday, the Federal Open Market Committee left interest rates unchanged in the 5.25% to 5.5% range for the sixth consecutive time, while handing a victory to bulls looking for relief from its tight monetary policy.

"The main flashes from the Fed last night was that while the FOMC made several hawkish tweaks, [Fed Chair Jerome] Powell signaled that rate hikes remained unlikely and the Fed announced a slightly-larger-than-expected slowing of [quantitative tightening]," Jim Reid, the head of global fundamental credit strategy at Deutsche Bank, said in a note. "It's hard to say it was a dovish meeting but given the recent inflation prints it could have been a lot more hawkish."

In economic news Thursday, nonfarm productivity rose 0.3% in Q1 after a 3.5% gain in Q4, data released by the Bureau of Labor Statistics showed. A Bloomberg survey expected a 0.5% gain. Unit labor costs jumped 4.7% after a flat Q4 but above expectations for a 4% increase. The slowdown in productivity growth and an acceleration in compensation growth accounted for the acceleration in unit labor cost growth.

US initial jobless claims were unchanged sequentially in the week ended April 27 from an upwardly revised 208,000, compared with expectations for an increase to 211,000 in a survey of analysts compiled by Bloomberg. The four-week moving average fell to 210,000 from 213,500 in the previous week.

"The numbers speak for themselves," Thomas Simons, US Economist at Jefferies, said in a note. "The data shows no evidence of increasing layoffs or increasing friction against people finding a new job after losing one."

The US 10-year Treasury yield was unchanged at 4.59%, while the two-year rate declined 3.9 basis points to 4.9%.

In company news, C.H. Robinson Worldwide ( CHRW ) reported Q1 adjusted earnings and revenue that beat market expectations. Shares soared 16% intraday, the top performer on the S&P 500.

Etsy ( ETSY ) slumped 14% intraday, the worst performer on the S&P 500, a day after the company reported lower Q1 net income per diluted share from a year earlier.

DoorDash's ( DASH ) shares plunged 12% intraday, the steepest declining stock on the Nasdaq, after the food delivery firm reported a wider-than-expected loss in Q1.

Among the top gainers on the Nasdaq was Qualcomm ( QCOM ) , with shares up 9.8% intraday a day after the chipmaker's fiscal Q2 results grew more than expected amid record automotive revenue.

West Texas Intermediate crude oil rose less than 0.1% to $79.05 a barrel.

Gold fell less than 0.1% to $2,311 per ounce, while silver climbed 0.3% to $26.84.