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Wall Street's main indexes climbed on Thursday as fears of a banking crisis eased, with rate-sensitive real estate and technology stocks leading gains ahead of key inflation data that could shape the Federal Reserve's policy path.

The major averages gap opened higher and went through a consolidation move before buying interest picked up pace in late trading. The Nasdaq settled at the highest level in more than a month and the S&P 500 Index reclaimed the 4,000 level, with the broader average and the Dow Industrials ending at a three-week high.

Up, up & away! 🤩

Data on Thursday showed jobless claims last week rose more than expected from the week before indicating a cooling labor market, while fourth-quarter GDP growth was slightly lower at 2.6% compared with earlier estimates of 2.7%, both supporting the case for a softer Fed policy.

The banking turmoil, which started earlier this month with the collapse of two regional U.S. lenders, had sparked concerns about a broader financial crisis and led to a dramatic shift in monetary policy expectations from the Fed.

Traders' bets are now almost equally split between a pause and a 25-basis-point rate hike by the Fed in May, according to CME Group's (NASDAQ:CME) Fedwatch tool.

Investors await the February reading of personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, due on Friday after January figures showed a sharp acceleration in consumer spending.

So far in the first quarter, the S&P 500 Index is up 4.9%, the Nasdaq Composite has gained 14%, while the Dow is down 1.3%, as of the last close.

A quick short, not the big shot 😂

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