STOCKS RALLY: Here's what you need to know

Stocks rallied to end a two-day streak of declines ahead of the crucial jobs data on Friday.

First, the scoreboard:

• Dow: 17,955.62, +113.64, (0.64%)
• S&P 500: 2,090.90, +10.75, (0.52%)
• Nasdaq: 4,952.67, +33.02, (0.67%)

And now, the top stories on Thursday:

1. Initial jobless claims are still near multi-decade lows. Last week, the number of claims totaled 265,000, fewer than expected and up just slightly from last week's total of 262,000, which was nearly a 40-year low for the reading. Expectations were for claims to total 278,000 last week. The four-week average of initial claims is now at 279,500, a decrease of 4,250 from the previous week and the lowest level for this average since May 6, 2000.
2. Fitbit has filed for an initial public offering. The maker of fitness trackers and devices is seeking to raise up to $100 million, listed on the New York Stock Exchange. According to the regulatory filing, the company had $745 million in revenues last year.
3. Yelp is exploring a sale, according to the Wall Street Journal. Following the news, shares of the company were up as much as 25% and were at one point halted for volatility. The company could be valued at up to $3.5 billion in a sale, according to The Journal, which cited people familiar with the matter. A sale is not imminent and the company could decide against it, according to the report. Last week, shares of the company fell 20% after it reported earnings below expectations.
4. Whole Foods was the biggest loser on the S&P 500; it's shares plunged by up to 10%. On Wednesday, the company reported second-quarter sales of $3.6 billion, a 10% increase, but below investors' expectation for $3.7 billion. Organic food sales have exploded in the US, and that's not helping Whole Foods. "We remain concerned about WFM's ability to revive sustained strong sales growth as competition intensifies," wrote S&P Capital IQ's Joseph Agnese in an email.
5. Shares of Alibaba rallied by more than 8% after the company posted quarterly earnings above expectations. The Chinese e-commerce company reported quarterly sales of $2.8 billion, a 45% increase from the previous year that beat the estimate for $2.6 billion. The company posted adjusted earnings per share of $0.48, beating the estimate for $0.42. The company also announced Daniel Zhang as its new CEO, replacing Jonathan Lu.
6. Lumber Liquidators will stop selling its laminate flooring sourced in China. A CBS "60 Minutes" episode March 1 showed that tested samples had levels of formaldehyde that exceeded regulatory standards. In a statement, the company said it pulled the products as it investigates its suppliers in the country, and amid "mounting industry concerns." Hedge fund manager Whitney Tilson wrote in a statement: "This is one of the most immoral, reckless and truly insane decisions I have ever seen a company make." Tilson is short the stock, and was interviewed in the "60 Minutes" episode.
7. Tomorrow is jobs day. Economists forecast that in April, nonfarm payrolls grew by 230,000, from the disappointing 126,000 print in March. The consensus is for a drop in the unemployment rate to 5.4% from 5.5%. And, the forecast for average hourly earnings is a 0.2% gain month-on-month, ticking lower from 0.3% in March, according to data from Bloomberg. "While labor market indicators were mixed in April, the employment components of service-sector surveys were strong, and better weather conditions should provide a boost," Goldman's David Mericle wrote. And, UBS anticipates that the weak print on private payrolls from ADP will not dent Friday's data, due to possible weather distortions.
8. Consumer credit rose by $20.5 billion in March, up from $14.8 billion last month and more than the $15.8 billion that was expected, according to the Federal Reserve.

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