US stocks jump as traders put bank crisis behind them and brace for more inflation data

• US stocks marched higher on hopes that global banking turmoil has finally settled.
• The S&P 500 notched gains on Thursday, hitting a three-week high intraday.

US stocks climbed on Thursday as traders continued to shake off concerns around the health of the global banking system following this month's string of collapses.

The S&P 500 hit a three-week high intraday, and the Nasdaq charged deeper into bull-market territory while on pace for its second-best quarter in a decade.

Initial filings for unemployment insurance ticked higher last week, but remain largely low amid a resilient labor market. Meanwhile, investors are looking toward personal consumption expenditures data on Friday for a gauge on inflationary pressures in the economy.

"Collectively, financial markets are pricing in the best of both worlds – a recession that allows rates to be low and brings inflation down sharply, yet one that does not have a massively negative effect on corporate earnings," Ajay Rajadhyaksha, global chairman of research at Barclays, said in a Thursday note.

Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:

• S&P 500: 4,050.83, up 0.57%
• Dow Jones Industrial Average: 32,859.03, up 0.43% (141.43 points)
• Nasdaq Composite: 12,013.47, up 0.73%

Here's what else happened today:

• The FDIC is reportedly looking to fill a $23 billion hole from the failures of Silicon Valley Bank and Signature Bank, which could push large banks to cover a larger-than-usual share of costs.
• Kevin O'Leary said regional bank shares are "going to zero for sure."
• "Dr. Doom" economist Nouriel Roubini predicted a "crypto apocalypse is coming," this time at the hands of the top US securities regulator.
• US stocks could close this year 14% higher because the Fed will pause rate hikes amid continued banking turmoil, according to legendary investor Ed Yardeni.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil up 1.82% to $74.3 per barrel. Brent crude, oil's international benchmark, increased 1.2% to $79.22 a barrel.
• Gold edged 0.8% higher to $2,000 an ounce.
• The yield on the 10-year Treasury dipped 2 basis points to 3.47%.
• Bitcoin fell 1.43% to $28,023, while ether declined 1.44% to $1,783.