U.S. stocks rose on Thursday as fears faded that the Russia-Ukraine conflict was poised to escalate, which eclipse disappointing U.S. data.
At the close of U.S. trading, the Dow 30 rose 0.37%, the S&P 500 index rose 0.43%, while the NASDAQ Composite index also rose 0.43%.
The Volatility S&P 500 index, which measures the outlook for market volatility, was down 3.33% at 12.47.
Russian President Vladimir Putin said while his country would defend itself, Moscow has no plans to engage in conflict with the rest of the world over Ukraine.
Putin's soothing words allowed stocks to climb by allaying fears that the Ukraine conflict and subsequent sanctions slapped on Russia will weigh on global recovery, which offset disappointing U.S. data.
The U.S. Labor Department reported earlier that the number of individuals filing for initial jobless benefits in the week ending Aug. 9 increased by 21,000 to 311,000 from the previous week’s revised total of 290,000.
Analysts had expected jobless claims to rise by 5,000 to 295,000 last week.
Meanwhile in the Mideast, Israel and Palestinian delegates extended a truce for five days on Wednesday to figure out ways to end the Gaza conflict, which also allowed U.S. stocks to climb.
Leading Dow Jones Industrial Average performers included Pfizer Inc (NYSE:PFE), up 1.83%, Boeing Company (NYSE:BA), up 1.75%, and Merck & Company Inc (NYSE:MRK), up 1.62%.
The Dow Jones Industrial Average's worst performers included Cisco Systems Inc (NASDAQ:CSCO), down 2.64%, Chevron Corporation (NYSE:CVX), down 0.52%, and Intel Corporation (NASDAQ:INTC), down 0.45%.
European indices, meanwhile, ended the day higher.
After the close of European trade, the DJ Euro Stoxx 50 rose 0.14%, France's CAC 40 rose 0.25%, while Germany's DAX rose 0.29%. Meanwhile, in the U.K. the FTSE 100 rose 0.43%.
On Friday, the U.S. is to round up the week with reports on manufacturing activity in New York state and industrial output, as well as preliminary data on consumer sentiment.