NEW YORK — Stocks in the U.S. bucked a global market slump Thursday as investors look ahead to a crucial Federal Reserve meeting next week on interest rates.
Investors pushed major U.S. indexes lower in the morning following drops in Asia and Europe, then reversed course as oil prices rose. That helped send shares of energy companies, which have been battered in recent weeks, higher.
Traders remain focused on a two-day meeting of Federal Reserve policymakers next week. They are trying to anticipate when and how quickly the central bank will begin to raise interest rates from their historically low levels. Those low rates have been a key factor sending stock prices higher over the past seven years.
A report Thursday showing a decline in applications for unemployment claims was the latest bullish sign on the job market, which could prompt the Fed to tighten credit. Some say worries about higher rates are overblown.
“The U.S. economy is in significantly better shape than in the past,” said Mike Ryan, chief investment strategist at UBS Wealth Management Americas. “We’re not dependent on Fed largesse and stimulus to support growth.”
The Dow Jones industrial average rose 76.83 points, or 0.5 percent, to close at 16,330.40. The Standard & Poor’s 500 index gained 10.25 points, or 0.5 percent, to 1,952.29. The Nasdaq Composite climbed 39.72 points, or 0.8 percent, to 4,796.25.
Trading was relatively light Thursday, with little news moving prices one way or the other. Apple jumped $2.42, or 2.2 percent, to $112.57, on Thursday, a day after the company introduced updated versions of the iPhone, Apple TV and iPad. Technology stocks rose 1 percent overall, the biggest gain among the 10 industry sectors of the S&P 500.
The price of oil rose sharply after the Energy Department reported a strong increase in U.S. gasoline demand.
U.S. crude rose $1.77 to close at $45.92 a barrel in New York. Over the past four weeks, U.S. gasoline demand averaged 9.3 million barrels per day, up 3.8 percent compared with the same period last year, according to the Energy Department’s weekly petroleum status report. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $1.31 to close at $48.89 a barrel in London. Investors are not so sure they like the healthier economy because it could mean the Fed raising rates sooner, and faster, than anticipated.
