Dow up nearly 400 points in final hour of trade, S&P 500 heads for highest close in over 2 months

U.S. stock indexes extended the gains in the final hour of trade Thursday as a moderation in wholesale inflation and a jump in weekly jobless claims support...

U.S. stock indexes extended the gains in the final hour of trade Thursday as a moderation in wholesale inflation and a jump in weekly jobless claims support the idea that the economy is gradually weakening, while the Federal Reserve may be approaching the end of its tightening cycle. The S&P 500 SPX, +1.29% advanced 1.4% and headed for its best close since February 7, according to Dow Jones Market Data.

The Dow Jones Industrial Average DJIA, +1.09% rose nearly 400 points, or 1.2%, to 34,046. The Nasdaq Composite COMP, +1.95% jumped 2.1%, led by gains in the communication services and consumer discretionary sectors, which rallied 2.3% each. Data showed U.S. wholesale prices sank 0.5% in March, the biggest decline in almost three years. On a year-to-year basis, the headline producer price index fell to 3.6% in March from 4.5% in February.

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