S&P 500 notches its best day since 2022 as Wall Street claws its way back from Monday's rout

• Stocks climbed after new labor market data boosted investors’ confidence in the U.S. economy following a sharp market sell-off earlier in the week.

• The latest weekly jobless claims came in below forecasts, helping to allay some recent concerns on the strength of the labor market. First-time filings for jobless benefits came in at 233,000 last week, down 17,000 from the previous week and lower than the Dow Jones estimate for 240,000, the Labor Department reported.

• “This is the bounce people were waiting for. So now what we’ve learned is we’re not going to bounce just for bouncing’s sake. We need good news in order to move forward and in order to prove that the rally is durable,” SoFi head of investment strategy Liz Young Thomas.

• The major averages are still lower week to date but have recovered much of their losses from Monday’s rout. The S&P 500 is down 0.5% for the week, while the Dow and Nasdaq are lower by around 0.7% each.

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