Wall Street rallies strongly as recession fears ease.

Stock averages surged sharply after unemployment benefit data alleviated recession fears in the United States.

All three major Wall Street indices closed Thursday’s session with gains. The strong rebound in stock averages followed the release of unemployment benefit data that eased concerns about a potential recession in the U.S.

The Dow Jones Industrial Average, composed of 30 major companies, rose by 1.76% to 39,446.49 points. Meanwhile, the S&P 500, which tracks 500 stocks, climbed 2.30% to 5,319.31 points. The Nasdaq Composite gained 2.87%, reaching 16,660.02 points.

According to several analysts, Thursday’s market rebound was driven by U.S. unemployment benefits data, showing weekly claims dropped by 17,000 to 233,000, easing fears of an imminent recession. Any report indicating that the Federal Reserve is not behind the curve regarding a potential rate cut in September is seen as positive news for investors.

Among sectors, the biggest gains were seen in technology stocks (3.3%) and communication companies (2.4%). Within the Dow Jones, nearly all stocks advanced, led by Intel (+7.90%), Amgen (+3.90%), and Salesforce (+3.78%).

In other significant news from the U.S. market, Republican candidate Donald Trump stated on Thursday that U.S. presidents should have a say in the decisions made by the Federal Reserve, marking his most explicit indication yet of his interest in challenging the central bank’s independence should he return to the White House.

“I think the president should at least have a voice in there,” the former president told reporters at his Mar-a-Lago residence in Florida. “I think in my case, I’ve made a lot of money, I’ve been very successful, and I believe I have better instincts than many.”