04:34 PM EDT, 08/08/2024 (MT Newswires) -- US benchmark equity indexes closed higher Thursday after the latest weekly jobless claims data helped ease economic concerns.

The Nasdaq Composite jumped 2.9% to 16,660, while the S&P 500 rose 2.3% to 5,319.3. The Dow Jones Industrial Average advanced 1.8% to 39,446.5. All sectors advanced, led by technology's 3.3% gain.

In economic news, weekly applications for unemployment insurance in the US declined to the lowest in four weeks, the Department of Labor said.

The report "offers a welcome positive indication of labor market conditions, softening concerns of more precipitous weakness in the aftermath of a somewhat disappointing jobs report," Stifel said in a note.

July's nonfarm payrolls data released Friday showed the US economy added fewer jobs than projected while the unemployment rate unexpectedly rose. That report triggered recession fears.

The US two-year yield rose 2.9 basis points to 4.03% Thursday, while the 10-year rate increased 2 basis points to 3.99%.

In company news, Parker-Hannifin ( PH ) shares surged 11%, the second-biggest gain on the S&P, after the company's fiscal Q4 financial results exceeded Wall Street's expectations.

Eli Lilly ( LLY ) raised its full-year outlook after delivering stronger-than-anticipated Q2 results, boosted by demand for its Mounjaro diabetes treatment and weight-loss drug Zepbound. The drugmaker's shares jumped 9.5%, the third-largest advance on the S&P.

ON Semiconductor (ON) shares jumped 8.8%, a day after Entegris ( ENTG ) said it signed a long-term supply deal with the chipmaker. Entegris ( ENTG ) shares rose 8.6%.

Monster Beverage ( MNST ) shares slumped 11%, the biggest drop on the Nasdaq and the second-largest on the S&P. Late Wednesday, the company reported Q2 results that trailed estimates by analysts amid softening demand and consumer spending.

Warner Bros. Discovery ( WBD ) shares fell 9%, the second-biggest drop on the Nasdaq. The media and entertainment giant late Wednesday posted a Q2 loss after a $9.1 billion goodwill impairment charge, while revenue trailed the Street's views.

West Texas Intermediate crude oil rose 1.2% to $76.12 a barrel.

Gold advanced 1.3% to $2,463.20 per troy ounce, while silver rose 2.1% to $27.51 per ounce.