01:10 PM EDT, 04/04/2024 (MT Newswires) -- US benchmark stock indexes rose broadly after weekly initial jobless claims increased more than forecast ahead of nonfarm payrolls due Friday.

The S&P 500 climbed 0.8% to 5,253.1, the Nasdaq Composite was up 1.1% at 16,462.3 and the Dow Jones Industrial Average was 0.5% higher at 39,310.4 after midday on Thursday. All sectors rose intraday, with technology, communication services, and consumer discretionary among the top gainers.

In economic news, US initial jobless claims rose to 221,000 in the week ended March 30, the highest since January, from an upwardly revised 212,000 level in the previous week and compared with expectations for 214,000 in a survey compiled by Bloomberg. The four-week moving average rose to 214,250 from 211,500.

"The reference week for this data is outside of the range for the Establishment Survey week, so there will not be any direct translation to tomorrow's payroll data," Jefferies US economist Thomas Simons said in a note Thursday. "However, the steady state of claims throughout the month, continuing through and beyond the survey week, suggests that we are likely to see healthy jobs numbers tomorrow."

In a separate note on Wednesday, Simons said he expects a 235,000 increase in nonfarm payrolls in March, which are due Friday, versus the 212,000 average analyst estimate compiled by Bloomberg and the 275,000 gain reported in February. "The March data should not suffer from any sort of significant distortion due to weather, so the data should be more in line with the long-term trends," he said.

Further, in economic news Thursday, the US international trade deficit widened for a third consecutive month to $68.9 billion in February from a $67.6 billion gap in January, versus the $67.6 billion shortfall expected in a survey compiled by Bloomberg, as growth in imports outpaced exports.

The US 10-year yield eased to 4.35%, while a 1.4 basis points gain in the two-year Treasury pushed the rate to 4.69%.

Gold futures at Comex for June delivery slipped 0.2% to $2,310 per ounce, retreating from a record high, while silver rose 0.6% to $27.22 per ounce.

Gold retreated after gains in the previous seven sessions pushed prices above $2,300 for the first time, as investors parsed Federal Reserve Chair Jerome Powell's comments on Wednesday for any signal on the timing of interest-rate cuts. "We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent," Powell said in a speech.

The probability that the Fed will begin easing policy in June stood at 56% as of Thursday afternoon, down from 62% a day ago, according to the CME Group's FedWatch tool.

In company news, Lamb Weston ( LW ) reported fiscal Q3 adjusted earnings and sales that were below estimates. It also lowered its guidance for fiscal 2024. Shares of the food company sank nearly 20%, the worst performer on the S&P 500.

West Texas Intermediate crude oil retreated 0.8% to $84.77 a barrel.