US stocks finish higher after volatile session as S&P 500 breaks out of slump

• US stocks closed higher on Thursday after a choppy trading session.
• Major indexes swung between gains and losses throughout the trading day.

US stocks closed higher on Thursday, with the S&P 500 breaking a streak of four consecutive losses.

Markets swung between gains and losses, following a big sell-off earlier in the week. The release of minutes on Wednesday from the latest FOMC meeting suggested the Federal Reserve could keep rates higher for longer.

On Thursday, fourth-quarter GDP growth was revised down to 2.7% from an initial reading of 2.9%. Weekly jobless claims unexpectedly dipped.

Here's where US indexes stood at the 4 p.m. ET close on Thursday:

• S&P 500: 4,012.33, up 0.53%
• Dow Jones Industrial Average: 33,153.91, up 0.33% (108.82 points)
• Nasdaq Composite: 11,590.40, up 0.72%

Here's what else happened today:

• Reddit day traders are back on the scene again and are helping fuel a rally in stocks.
• Jamie Dimon said a soft landing is possible for the US economy but "scary stuff" is ahead.
• Shares of Netflix sank after the company announced further price cuts in 100 countries.
• Oil prices could climb 25% in the next six months, according to CIBC Private Wealth senior equity trader Rebecca Babin.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil climbed 1.50% to $75.03 per barrel. Brent crude, oil's international benchmark, added 1.06% to $81.47.
• Gold ticked up 0.15% to $1,8327.71 per ounce.
• The yield on the 10-year Treasury gained 1.8 basis points to 3.937%.
• Bitcoin fell 0.05% to $24,130.33.