Recession fears continued to dominate Wall Street on Thursday, though traders also unpacked a drop in weekly jobless claims. After trading on both sides of the aisle, the Dow settled 194 points higher, while both the Nasdaq and S&P 500 also erased earlier losses to post solid gains. Meanwhile, the Cboe Volatility Index (VIX) snapped a four-day losing streak. Consumer staple stocks led the gainers, with the energy sector bearing the brunt of losses as oil prices plummeted amid demand concerns.

The Dow Jones Average (DJI -30,677.36) added 194.2 points or 0.6% for the day. Salesforce (CRM) led the gainers, adding 3.3%. Caterpillar (CAT), meanwhile, paced the laggards with a 4.9% drop.

The S&P 500 Index (SPX - 3,795.73) rose 35.8 points or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,232.19) gained 179.1 points or 1.6% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 29.05) added 0.1 points or 0.4% for the day.

GOLD PRICES EXTEND LOSSES AS U.S. DOLLAR STRENGTHENS

Oil prices finished lower for a second-straight session on Thursday to notch another six-week closing low. Demand concerns weighed on black gold today, as traders anticipated an economic slowdown. In turn, August-dated crude dropped $1.92, or 1.8%, to settle at $104.27 per barrel.

Gold prices also settled lower, extending their losing streak for a fourth consecutive day. The precious metal took a hit after Federal Reserve Chairman Jerome Powell reiterated his commitment to fighting inflation before the House Financial Services Committee, as the U.S. dollar regained strength. August-dated gold fell $8.60, or 0.5%, to close at $1,829.80 an ounce.