US stocks close higher, Dow Jones gains nearly 550 points

US stocks rose at Thursday's close as investors turned to attractively valued shares outside the technology sector, while inflation risks limited Wall Street's gains.

At the close, the Dow Jones Industrial Average rose 1.10%, or 556 points, to 52,177.

The broader S&P 500 gained 0.33%, or 25 points, to 7,744, while the Nasdaq Composite was little changed at 26,713.

In Europe, the STOXX Europe 600 rose 0.38% to 640, extending its gains for a second consecutive session.

The UK's FTSE 100 climbed 1.10% to 10,840, while Germany's DAX advanced 0.33% to 25,382 and France's CAC 40 rose 0.78% to 7,934.

In Japan, the Nikkei 225 fell 4.90% to 64,425, while the broader TOPIX index declined 2.38% to 3,999.

Brent crude futures for December delivery fell 0.13%, or 14 cents, to $105.92 a barrel.

Meanwhile, US NYMEX crude futures for November delivery jumped 3%, or $2.88, to $97.97 a barrel.

Gold futures for December delivery rose 1.51%, or $62.20, to $4,170.10 an ounce.

What drove market movements?

Investors moved away from technology stocks, which continued to decline, and shifted toward other sectors whose companies offer more attractive valuations. Meanwhile, accelerating producer-price inflation kept concerns over tighter monetary policy in focus, limiting Wall Street's gains.