Nasdaq up 3% as market jumps following US jobless claims data

NEW YORK -The Nasdaq surged more than 3% on Thursday as U.S. stocks rallied after U.S. jobless claims fell more than expected in the latest week, soothing worries the labor market was weakening too quickly.was up more than 2%, with technology-related megacaps giving it the biggest boost. The technology sector rose 3.5%, with communication services sector up 2.5% in afternoon trading.) were up 9.

"Our reading on this is the labor market continues to be OK... The recession fears at this point are probably a little overblown," said Paul Nolte, senior wealth advisor and market strategist for Murphy & Sylvest in Elmhurst, Illinois. Advancing issues outnumbered declining ones on the NYSE by a 3.27-to-1 ratio; on Nasdaq, a 2.71-to-1 ratio favored advancers.

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