Wall Street rallies, and Dow jumps 500 after an encouraging update on U.S. unemployment

U.S. stocks are climbing after a better-than-expected report on unemployment eased worries about the slowing economy. The S&P 500 rose 1.6% in Thursday morning trading, a day after a big early gain evaporated and flipped into a loss. The Dow Jones Industrial Average added 510 points, and the Nasdaq composite gained 1.8%. Treasury yields also climbed in the bond market, a signal that investors are feeling less worried about the economy, after a report showed fewer U.S. workers applied for unemployment benefits last week. Eli Lilly helped lead the market after delivering better profit for the spring than expected, while Big Tech stocks rebounded.