Dow rallies 300 points, Nasdaq gains 1.9% as chip stocks lead market rebound; European markets close slightly lower as investors monitor EU, G-7 summits; Daimler Truck jumps 7%;  
Stocks rallied Thursday, clawing back the previous session’s losses, as falling jobless claims added to confidence in the U.S. economic recovery. 
Shares that have the most to gain from a rebounding economy, including chip and materials stocks, led the gains. 
The Dow Jones Industrial Average rebounded by 349.44 points, or 1%, to close at 34,707.94. The S&P 500 added 1.4% at 4,520.16. The Nasdaq Composite rose 1.9% to 14,191.84. 
A drop in jobless claims to the lowest level in decades gave some investors confidence the U.S. economy could keep growing through headwinds such as the Russia-Ukraine war and higher interest rates. Initial jobless claims last week totaled 187,000, the lowest level since 1969, the Labor Department reported Thursday. 
Chip stocks climbed Thursday, with shares such as Nvidia among the favorites of traders to buy in market upswings. These chip companies also stand to benefit in a continuing global economic recovery from the pandemic. Nvidia jumped 9.8%. Intel added 6.9%, and AMD rose 5.8%. 

The pan-European Stoxx 600 closed lower by less than 0.1%, having given back earlier gains. Retail stocks dropped 1.4% while telecoms added 1%. 
Daimler Truck shares gained more than 7% after its earnings report, in which the German truck and bus manufacturer said it expects little impact on its business from Russia’s invasion of Ukraine and the Covid-19 pandemic. 
Source: CNBC, Investing.com