NEW YORK (TheStreet) -- Markets moved higher Thursday as weekly initial jobless claims fell and investors assessed a second day of testimony from Federal Reserve Chair Janet Yellen. Stocks reversed declines from earlier in the session.
The Dow Jones Industrial Average rose 0.5% to 16,600.90 while the S&P 500 was up 0.48% to 1,887.24. The Nasdaq was gaining 0.91% to 4,104.80.
European markets were higher after European Central Bank President Mario Draghi suggested the central bank could announce new easing measures soon.
Initial jobless claims fell 26,000 to 319,000 in the week of May 3 after an upward revision by 1,000 for the prior week's level. Economists were expecting a claims result of 325,000. The four-week moving average rose by 4,500 to 324,750. Yellen said Thursday before the Senate Budget Committee that Congress needs to address long-term budget issues. She added that the tightening of fiscal policy has led to headwinds that offset the central bank's supportive efforts. Yellen's testimony on Wednesday leaned slightly dovish, with new references to downside risks to the growth outlook. Draghi suggested the ECB could announce further easing measures soon, telling a news conference that central bank officials "are comfortable with acting next month" when the ECB has published new forecasts for inflation. International markets were higher Thursday as they processed Yellen's remarks from the day before, decisions by the European Central Bank and Bank of England to maintain interest rates at current levels, and encouraging Chinese trade data. The FTSE 100 in London was up 0.63% and the DAX in Germany was up 0.9%. The Nikkei 225 in Japan settled up 0.93% and the Hong Kong Hang Seng closed up 0.42%. SolarCity (SCTY) jumped over 18% after the solar power provider raised its installation forecast for the year following a surge in demand for its product. Tesla Motors (TSLA) was off more than 6.5% after posting first-quarter results that were worse than expected. Travel booking site Priceline (PCLN) was up 0.99% after it posted first-quarter earnings above forecasts but delivered a downbeat outlook. Dish Network (DISH) was up incrementally after posting first-quarter earnings that missed by 6 cents at 38 cents a share. Revenue topped estimates. Eastern Ukraine separatists have moved ahead with a vote on independence despite an appeal for delay from Russian President Vladimir Putin. U.S. stock indices closed mixed Wednesday as tech stocks fell and investors digested remarks from Yellen.
-- By Jane Searle and Andrea Tse in New York
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