05:10 PM EDT, 08/08/2024 (MT Newswires) -- US benchmark equity indexes closed higher Thursday after the latest weekly jobless claims data helped ease concerns regarding the health of the economy.

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 closed higher, led by technology's 3.3% gain.

In economic news, weekly applications for unemployment insurance in the US declined to the lowest level 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 to clients.

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 3.5 basis points to 4.03%, while the 10-year rate increased 2.4 basis points to 3.99%.

In company news, Parker-Hannifin ( PH ) shares surged nearly 11%, the second-top gainer on the S&P 500, after the company's fiscal fourth-quarter financial results exceeded Wall Street's expectations.

Eli Lilly ( LLY ) raised its full-year outlook after delivering stronger-than-anticipated second-quarter results, boosted by demand for its Mounjaro diabetes treatment and weight-loss drug Zepbound. The drugmaker's shares jumped 9.5%, among the best performers on the S&P 500.

ON Semiconductor (ON) saw one of the biggest gains on the S&P 500 and the Nasdaq, up 8.8%. Entegris ( ENTG ) said Wednesday it signed a long-term supply deal with the chipmaker. Entegris ( ENTG ) shares closed 8.6% higher Thursday.

Monster Beverage ( MNST ) shares slumped 11%, the worst performer on the Nasdaq and the second-worst on the S&P 500. Late Wednesday, the energy drink company reported second-quarter results that fell short of the Street's estimates amid softening demand and consumer spending.

Warner Bros. Discovery ( WBD ) was among the steepest decliners on the S&P 500 and the Nasdaq, down 9%. The media and entertainment giant late Wednesday posted a second-quarter loss amid a $9.1 billion goodwill impairment charge, while its revenue fell below the Street's views.

West Texas Intermediate crude oil rose 1.2% to $76.11 a barrel Thursday.

Gold advanced 1.3% to $2,465 per troy ounce, while silver rose 2.4% to $27.6 per ounce.