Wall St Advances, Led By Nasdaq, Gains In Chipmakers

U.S. stocks rose on Thursday, extending the market's recent rebound, as chipmakers and big growth names advanced.

The Philadelphia SE semiconductor index jumped more than 4% but is still down sharply for the year so far, while Apple shares were set for an eighth consecutive day of gains after getting hammered earlier this month.

Nvidia Corp and Intel Corp climbed and helped to boost the S&P 500 and the Nasdaq.

Data earlier showed the number of Americans filing new claims for jobless benefits dropped to a 52-1/2-year low last week, while unemployment rolls continued to shrink.

"The initial jobless claims numbers were impressive and earnings were solid on some of these opening-back-up type companies. The overall flavor is giving people a little more sense of normalcy. But that could change; it's the flavor of the day," said Alan Lancz, president of Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo, Ohio.

Investors watched for the next developments in the Ukraine-Russia crisis. Western leaders have agreed to increase military aid to Ukraine and tighten sanctions on Russia whose invasion of its neighbor entered a second month.

The Dow Jones Industrial Average rose 236.8 points, or 0.69%, to 34,595.3, the S&P 500 gained 39.85 points, or 0.89%, to 4,496.09 and the Nasdaq Composite added 171.32 points, or 1.23%, to 14,093.92.

Discount retailer Ollie's Bargain Outlet Holdings Inc shares rose after an upbeat outlook.

Uber Technologies Inc climbed 4% after the ride-hailing firm reached a deal to list all New York City taxis on its app. Shares of rival Lyft fell 0.9%.