04:38 PM EDT, 05/29/2025 (MT Newswires) -- US benchmark equity indexes closed higher on Thursday, after a federal appeals court granted a temporary stay allowing President Donald Trump's tariffs.

The Nasdaq was up 0.4% to 19,175.87, while the S&P 500 increased 0.4% to 5,912.17. The Dow Jones Industrial Average was up 0.3% to 42,215.73. All sectors except communications were in black, with real estate leading the rally.

US Treasury yields were lower, with the 10-year rate decreasing 5 basis points to 4.43% and the two-year rate dropping 4.7 basis points to 3.95%.

July West Texas Intermediate crude oil decreased 1.6% to $60.91 a barrel on Thursday.

A federal appeals court granted Trump administration's request for a temporary stay while it reviews legal arguments and filings after the United States Court of International Trade ruled Wednesday that Trump overstepped his authority by imposing duties under the International Emergency Economic Powers Act, which "does not authorize any of the Worldwide, Retaliatory, or Trafficking Tariff Orders."

In economic news, weekly applications for unemployment insurance jumped more than projected, while continuing claims climbed to the highest reading since November 2021.

The seasonally adjusted number of initial claims increased to 240,000 in the week ended May 24 from the previous week's downwardly revised reading of 226,000, according to the Department of Labor. The Bloomberg-polled consensus was for an increase to 230,000 from the prior week's original 227,000 level.

Pending home sales fell more than projected in April as elevated mortgage rates dampened buyer enthusiasm, the National Association of Realtors said. The forward-looking indicator of home sales based on contract signings slid by 6.3% month-over-month, compared with a 1% decline that analysts had modeled in a Bloomberg survey. On an annual basis, pending transactions dropped 2.5%.

In company news, Nordson ( NDSN ) shares were up 6.7%, the best performer on the S&P 500. The company said Quasar Medical will acquire its design and development contract manufacturing sites in Galway, Ireland, and Tecate, Mexico.

Estee Lauder ( EL ) shares were up 3.6% after Barclays raised the price target on its stock to $63 from $56.

HP (HPQ) stock was down 8.3%, the worst performer on the S&P 500. The company reported late Wednesday lower fiscal Q2 adjusted earnings and cut its fiscal 2025 non-GAAP EPS guidance.

Best Buy ( BBY ) shares were down 7.3%. The company lowered its full-year outlook Thursday due to the impact of tariffs, while the electronics retailer's fiscal first-quarter revenue fell more than market expectations.

Gold increased 1.4% to $3,342.50 per troy ounce, while silver was up 0.9% to $33.47 per troy ounce.