The S&P 500 finished Thursday in positive territory, led by gains in chipmakers and banking stocks.

U.S. stock markets moved higher on Thursday, snapping a two-day losing streak as strength in chipmakers and bank shares lifted sentiment.

The Dow Jones Industrial Average rose 292.81 points, or 0.6%, to close at 49,442.44, supported by gains in Goldman Sachs and Nvidia. The S&P 500 advanced 0.26% to 6,944.47, while the Nasdaq Composite added 0.25% to finish at 23,530.02.

Stocks retreated from their intraday highs by the close. Earlier in the session, the Dow had climbed as much as 431.55 points, or 0.88%, while the S&P 500 and Nasdaq were up 0.76% and 1.06%, respectively.

Semiconductor stocks led the rally after Taiwan Semiconductor reported another record quarter and projected capital spending of $52 billion to $56 billion in 2026, underscoring confidence in continued AI-driven demand. Shares of TSMC surged more than 4%, pushing the VanEck Semiconductor ETF (SMH) up 2%, with Nvidia also gaining around 2%.

Bank stocks also strengthened following a fresh round of quarterly earnings. Goldman Sachs jumped over 4% after posting fourth-quarter profits above Wall Street expectations, while Morgan Stanley climbed nearly 6% as strong results from its wealth management business drove earnings beats. Both stocks reached new 52-week highs.

A sharp decline in oil prices further supported equities, with Brent crude and front-month West Texas Intermediate futures each falling more than 4%.

Meanwhile, economic data pointed to ongoing labor market resilience. Weekly jobless claims for the period ending Jan. 10 came in at 198,000, below the 215,000 forecast by economists surveyed by Dow Jones.

Thursday’s rebound followed two consecutive sessions of declines, which had been driven by investor caution amid political uncertainty surrounding Iran, Greenland, and concerns over the independence of the Federal Reserve.