The Dow rose nearly 400 points on Thursday as Wall Street attempted a year-end recovery

Stocks jumped on Thursday, as investors headed into the last trading days of 2022.

The Dow Jones Industrial Average rose 383 points, or 1.1%. The S&P 500 rose 1.9%, and the Nasdaq Composite rose 2.6%.

The Dow Jones and the S&P were up 0.1% for each week, while the Nasdaq was down 0.3%.

Louis Navellier, founder and chief investment officer of growth investment firm Navellier & Associates, called it “a shortened, one-day version of Santa Raleigh.”

“We’re late to the recovery, and much of the recent weakness can be explained by more tax loss selling once Santa Raleigh doesn’t materialize,” he said. “We will see more volatility in the new year with a lot of uncertainty as to whether a soft landing is possible, and if not, how much the Fed will have to unpivot if we go into a serious recession.”

Apple shares rebounded after four straight days of losses, rising more than 3%.

The market rushed higher early Thursday after the Labor Department You reported an increase in unemployment claims From last week, amid the Federal Reserve’s efforts to cool down the economy and especially the labor market.

According to the report, first-time applications for unemployment benefits totaled 225,000 for the week ending December 24. That was an increase of 9,000 from the previous week and just above the 223,000 estimate from the Dow Jones.

Market action follows a wide sale During the regular Wednesday session as recession fears weighed on investor sentiment in a losing month and year. The Dow Jones lost 365.85 points, or 1.1%. The S&P 500 fell 1.2%, while the Nasdaq Composite fell 1.35%.

The major averages are heading for their worst year since 2008. The Dow Jones lost 8.8%, while the S&P 500 fell 19.7%. Meanwhile, the Nasdaq is lagging behind among the three, down 33.6% as investors dumped growth stocks.

“Investors are anticipating a recession in early 2023, as evidenced by three-quarters of expected declines in S&P 500 earnings and continued defensive sentiments for the sector,” said Sam Stovall, chief investment analyst at CFRA Research. “The severity of the recession is still in question. We expect it to be moderate.”