U.S. stocks rose to pull the S&P 500 back within 1% of its record following a rough April.

The index climbed 0.5% Thursday. The Dow Jones Industrial Average rose 0.8%, and the Nasdaq composite gained 0.3%. Helping to keep the market steady was a report showing a rise in the number of U.S. workers applying for unemployment benefits, though it remains low compared with history.

Treasury yields erased earlier gains after the report raised hopes that the Federal Reserve will cut interest rates this year. Across the Atlantic, the Bank of England hinted a cut to its key rate may come soon.

On Thursday:

The S&P 500 rose 26.41 points, or 0.5%, to 5,214.08.

The Dow Jones Industrial Average rose 331.37 points, or 0.8%, to 39,387.76.

The Nasdaq composite rose 43.51 points, or 0.3%, to 16,346.26.

The Russell 2000 index of smaller companies rose 18.50 points, or 0.9%, to 2,073.63.