01:06 PM EDT, 05/09/2024 (MT Newswires) -- US equity indexes rose after midday on Thursday after jobless claims jumped to the highest since August, overcoming the drag from certain earnings results.

The S&P 500 rose 0.3% to 5,201.2, the Dow Jones Industrial Average was up 0.4% to 39,223.4 and the Nasdaq Composite added 0.2% to 16,328.6. All sectors but technology advanced. Real estate and utilities were among the top gainers.

In economic news, US initial jobless claims rose to 231,000 in the week ended May 4 from an upwardly revised 209,000 in the previous week, compared with expectations for 212,000 in a Bloomberg survey. The four-week moving average rose to 215,000 from 210,250.

"Claims are now at the highest level since August and job openings have been declining, indicating a cooling labor market," a research note from D.A. Davidson said Thursday.

Gold rose 0.7% to $2,338.62 an ounce, and silver surged 2.8% to $28.37. The US Dollar index fell 0.2% to 105.3.

Gold prices rose as the dollar weakened after the jump in jobless claims boosted expectations the Federal Reserve will soon cut interest rates. The probability of the Federal Open Market Committee cutting rates by 25 basis points in September stood at 50% on Thursday versus 34% a month ago, according to the FedWatch Tool.

The US 10-year Treasury yield was unchanged at 4.48%, while the two-year rate fell 1.9 basis points to 4.82%.

In company news, Equinix ( EQIX ) reported Q1 adjusted funds from operations late Wednesday that grew more than forecast. Shares jumped about 12% intraday, the top performer on the S&P 500.

EPAM Systems ( EPAM ) shares sank 25%, the worst performer on the S&P 500 after the company reported lower Q1 adjusted earnings and revenue. The firm also lowered its full-year revenue outlook.

Airbnb ( ABNB ) shares slumped nearly 7% intraday, among the worst performers on the Nasdaq and the S&P 500, after the vacation rental company late Wednesday offered a muted outlook for Q2, taking the shine off its consensus-beating Q1 results.

West Texas Intermediate crude oil rose 0.5% to $79.35 a barrel.

The Energy Information Administration on Wednesday said US oil inventories fell by 1.4 million barrels per day last week, easing concerns over light demand ahead of the US driving season that begins over the Memorial Day holiday.

"Crude oil prices rose as US inventories signaled a tight physical market with crude stockpiles declining," Saxo Bank said in a note.