Stock closed higher on Wall Street Thursday, ending a three-day losing streak. Technology and communications companies led the way higher.

Chipmaker Nvidia and Netflix were among the winners. The S&P 500 rose 1.1%, while the tech-heavy Nasdaq added 1.8%.

Investors were encouraged by the latest jobs data that showed fewer Americans filing for unemployment benefits last week, another sign that the economic recovery is underway. Oil prices fell and dragged down energy stocks.

Oatly, the largest maker of oat milk in the world, rose sharply on its first day of trading. The yield on the 10-year Treasury note slipped to 1.63%.