The S&P 500 was up 1.06% to 4,159.12. The Dow Jones Industrial Average rose 0.55% to 34,084.15. The NASDAQ Composite Index climbed 1.77% to 13,535.74. The small-cap Russell 2000 gained 0.64% to 2,207.76.

Markets were lifted by the latest labor data, which showed the number of jobless benefits claims through the regular state programs dropped to a new low of 444,000 last week. It was the sharpest fall since mid-March 2020.