NEW YORK, Dec. 27 (Xinhua) -- US stocks closed higher in a volatile trading session on Thursday as investors digested a slew of economic data.
The Dow Jones Industrial Average jumped 260.37 points, or 1.14 percent, to 23,138.82. The S&P 500 rose 21.13 points, or 0.86 percent, to 2,488.83. The Nasdaq Composite Index was up 25.14 points, or 0.38 percent, to 6,579.49.
The market staged a late-day comeback on Thursday. All the three major indices reversed their early losses and turned positive at the close.
The Dow erased its 600-points earlier drop, as shares of 3M Co. and IBM outperformed, underpinning the index.
All the 11 primary S&P 500 sectors closed higher, with materials and industrials up 1.85 percent and 1.24 percent, respectively, leading the gainers. Technology and communication service advanced, contributing to the Nasdaq.
On economic data, US consumer confidence index decreased in December, following a modest decline in November, said the New York-based Conference Board on Thursday. The Index now stands at 128.1, missing estimates.
US initial jobless claims, a rough measure of layoffs, booked 216,000 in the week ending Dec. 22, a decrease of 1,000 from the previous week's revised level, according to the Department of Labor. The reading was lower than market forecasts.
The US equities also rallied on Wednesday with the Dow surging more than 1,000 points.