Wall Street posted moderate gains on Thursday, as investors digested a better-than-expected report on jobless claims and anticipated growth in retail sales.

The U.S. Labor Department said on Thursday that initial claims for unemployment benefits fell last week by 24,000 to a seasonally adjusted 601,000. That's below analysts' estimates of 615,000.

However, the number of people claiming benefits for more than a week rose by 59,000 to 6.8 million, the highest level since records began in 1967.

Meanwhile, the U.S. Commerce Department says retail sales rose 0.5 percent in May after two consecutive months of decline. The results are in line with expectations.

Moreover, Fifth Third Bancorp and Regions Financial Corp. jumped after Goldman Sachs recommended buying shares of the regional lenders.

Bank of America, the largest U.S. lender by assets, surged over8 percent, after Keefe, Bruyette & Woods upgraded the shares to "outperform."

And oil companies rallied after crude oil rose as the International Energy Agency raised its demand forecast and China's net imports jumped to a 14-month high.

The Dow Jones industrial average was up 31.90 points, or 0.37 percent, to 8,770.92 while the Standard & Poor's 500 index increased 5.74 points, or 0.61 percent, to 944.89. The Nasdaq composite index rose 9.29 points, or 0.50 percent, to 1,862.37.

Source:Xinhua