U.S. stocks rose Thursday, following back-to-back days of sharp gains, as investors digested the latest news out of Ukraine and the Federal Reserve.
The Dow Jones Industrials moved forward 43.62 points to begin the session at 34,106.72
The S&P 500 points grabbed 9.64 points to 4,367.50.
The NASDAQ Composite gained 16.44 points to 13,452.99.
Energy stocks led the market higher as West Texas Intermediate crude futures, the U.S. oil benchmark, jumped more than 7% to back above $100. Devon Energy picked up 7% and Diamondback climbed 6%.
The Kremlin poured cold water over reports that indicated progress in peace talks between Russia and Ukraine, according to Bloomberg News.
On Wednesday, the Financial Times reported that both countries had made “significant progress” on a peace plan and Russian withdrawal from Ukraine. That FT report helped stocks rally for a second day Wednesday.
Wall Street was also digesting the latest moves from the Federal Reserve. The Fed hiked its benchmark interest rate for the first time since 2018 and signaled six more hikes this year, spurring a relief rally in stocks.
The U.S. Labor Department reported Thursday that the number of jobless claims filed last week totaled 214,000, which was better than the Dow Jones estimate of 220,000 and a decline from 15,000 in the previous week.
Treasury prices dipped slightly, raising yields to 2.18% from Wednesday's 2.18%. Treasury prices and yields move in opposite directions.
Oil prices moved lower $1.43 to $95.01 U.S. a barrel.
Gold prices lost $1.60 to $1,928.10 U.S. an ounce.