US stocks end higher as banks rally

The major US stock benchmarks rose on Thursday, to wipe out the earlier losses on the banking and energy sectors gains despite the release of weak data.

Data showed today that the US unemployment claims fell by 60,000 to 1.480 million during the past week, which is lower than forecasts of 1.3 million.

The US GDP shrank 5% in the first quarter of 2020, while the previous reading showed growth by 2.1% in Q4 2019.

Banks share rebounded after the US regulators announced that they will ease restrictions on banks to make investments in such areas as hedge funds, which is know as the "Volcker Rule" .

To the oil market, West Texas Intermediate crude rose 1.9% to close at $38.72 a barrel, after it hit a high of $38.8 and a low of $37.08.

Brent rose 1.8% to $41.05 a barrel, with a high of $42.2 and a low of $39.4.

As for stocks, Dow Jones rose 1.1% or 300  points to close at 25,745, with a day high of 25,769 and a low of 25,209.

Nasdaq rose 1.1% or 108 points to close at 10,017, after hitting a high of 10,023 and a low of 9,810.

S&P 500 added 1.1% or 33 points to 3,083, with today's high at 3,086 and a low of 3,024.