NEW YORK (CNNMoney)
The Dow Jones industrial average rose 110 points, or 0.7%. The S&P 500 and Nasdaq both added 0.6%.
The latest data suggest the U.S. economy is on track for modest growth.
The Labor Department said Initial claims for unemployment benefits fell 9,000 to 346,000 in the week ended June 22.
Separately, Americans' personal income rose 0.5% in May, while spending increased 0.3%, according to the Commerce Department.
Investors have been taking their cues from U.S. economic data as they attempt to gauge when the Federal Reserve will begin to slow the pace of its bond buying program.
Fed officials have kept investors on their toes recently and two top central bank officials are scheduled to speak later Thursday, including New York Fed president William Dudley.
U.S. stocks rose sharply Wednesday as investors bet that a weak GDP reading would keep the Federal Reserve's stimulus going.
In corporate news, ConAgra Foods (CAG, Fortune 500) shares rose after the company said it swung to a profit in is fiscal fourth quarter. Shares of KB Home (KBH) were also higher after the homebuilder said losses narrowed in the second quarter.
Accenture (ACN) and Nike (NKE, Fortune 500) will release results after the market close.
Related: Fear & Greed Index dwelling in fear
European markets were mixed in morning trading, with London's FTSE 100 heading up while the CAC 40 in Paris was pulling back. The benchmark French index rallied by more than 2% Wednesday.
Asian markets ended mixed. Japan's Nikkei gained almost 3% in a banner day. China stocks were more subdued, with the Hang Seng closing up 0.5% and the Shanghai Composite declining 0.1%.
Australia's ASX All Ordinaries index shot up by nearly 2% Thursday as Kevin Rudd returned as prime minister, three years after being replaced in the office by his then-deputy Julia Gillard.
Investors are hoping this changing of the guards will result in more tax concessions for miners, said Mike van Dulken, head of research at Accendo Markets.
First Published: June 27, 2013: 9:44 AM ET
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