U.S. stocks reversed early losses to end higher Thursday, with the Dow Jones Industrial Average on a five-day winning streak for the first time in 2015, as Wall Street assessed the minutes of the Federal Reserve's September meeting.
The Dow added 138.46 points, or 0.82 percent, to 17,050.75. The S&P 500 gained 17.60 points, or 0.88 percent, to 2,013.43. The Nasdaq Composite Index was up 19.64 points, or 0.41 percent, to 4, 810.79. According to the minutes, the information reviewed for the September 16-17 meeting suggested that U.S. real gross domestic product (GDP) was expanding at a moderate pace in the third quarter.
Domestic financial conditions, however, tightened modestly as concerns about prospects for global economic growth prompted an increase in financial market volatility and a deterioration in risk sentiment during the period. "Many (officials) acknowledged that recent global economic and financial developments may have increased the downside risks to economic activity somewhat," the minutes said.
On the economic front, in the week ending Oct. 3, the advance figure for seasonally adjusted initial jobless claims decreased 13, 000 from the previous week's revised level to 263,000, below market consensus of 271,000, said the U.S. Labor Department Thursday.
The four-week moving average was 267,500, a decrease of 3,000 from the previous week's revised average. Meanwhile, a strong rebound in oil prices also provided some upward jolts to the stock market.
The energy sector jumped 1.89 percent Thursday as the greatest advancer in the S&P 500. Overseas, Chinese shares surged Thursday after the country's seven-day National Day holiday, with the benchmark Shanghai Composite Index rising 2.97 percent, as investor sentiment was buoyed by a broad-based rally in global stock markets.
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