Wall St advances, led by Nasdaq, gains in chipmakers By Reuters

By Caroline Valetkevitch

NEW YORK (Reuters) – 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 (NASDAQ:) were set for an eighth consecutive day of gains after getting hammered earlier this month.

Nvidia (NASDAQ:) Corp and Intel Corp (NASDAQ:) climbed and helped to boost the 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 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 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 (NYSE:) 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 (NASDAQ:) fell 0.9%.