U.S. stocks closed higher on Thursday as investors awaited the key April jobs report and eyed easing in oil prices and bond yields.
"Seems like we have a little bit of a reversal going on here," said Jack Ablin, chief investment officer at BMO Private Bank. "Investors probably want to see a jobs report before a strategy change."
The Dow Jones industrial average closed about 80 points lower after briefly gaining more than 100 points. The blue chip index remained below the psychologically key level of 18,000. The Nasdaq also held below 5,000. The S&P 500 failed to break resistance at 2,093, a level highlighted by BTIG's chief technical strategist Katie Stockton.
Thursday's gains marked a rebound from the last two days' selloffs in both the bond and equity markets.
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