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Stock market today: Dow pops for 7th straight day as S&P 500 climbs back above 5,200

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Stocks have lost their bounce after a growing chorus of Federal Reserve officials made it clear that interest rates will need to stay higher for longer.

US stocks rose Thursday as more evidence showed the US labor market continued to cool, reviving hopes for a rate cut by the fall. The Dow Jones Industrial Average rose about 0.9%, or almost 350 points, extending its winning streak to seven trading sessions. The S&P 500 gained 0.5%, moving back above the 5,200 closing level for the first time since April 9. The tech-heavy Nasdaq Composite rose 0.2%.

Initial weekly jobless claims data released on Thursday came in at 231,000, an increase of 22,000 from the prior week and the highest level since August. The latest Department of Labor print signals the job market continues to slow. Most bets remain on a Fed rate cut in September. Read more: How does the labor market affect inflation? In the corporate world, a downbeat annual revenue forecast from Arm cast doubt on the hopes for AI growth that have boosted chip stocks.

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