U.S. stocks rebound amid economic data

U.S. stocks reversed early losses to end higher Thursday, with all three major indices snapping a five-day losing streak, as Wall Street digested a batch of economic data.

The Dow Jones Industrial Average rose 92.93 points, or 0.53 percent, to 17,733.10. The S&P 500 added 6.49 points, or 0.31 percent, to 2,077.99. The Nasdaq Composite Index gained 9.98 points, or 0.31 percent, to 4,844.92.

The Consumer Price Index for all urban consumers increased 0.2 percent in May on a seasonally adjusted basis, the U.S. Labor Department said Thursday.

The index for all items less food and energy increased 0.2 percent in May. Over the last 12 months, the index has risen 2.2 percent.

"Until inflation becomes more wide-spread, the Fed will hesitate to follow through on their overly optimistic dot plot," said Jay Morelock, an economist at FTN Financial, in a note.

In a separate report, the Labor Department said that in the week ending June 11, the advance figure for seasonally adjusted initial claims was 277,000, an increase of 13,000 from the previous week's unrevised level of 264,000.

The four-week moving average was 269,250, a decrease of 250 from the previous week's unrevised average of 269,500.

Meanwhile, investors continued to assess the impacts of the Federal Reserve's decision to leave interest rates unchanged.

According to Wednesday's statement released after the Fed's policy meeting, the Fed still leans toward hiking rates, but its six members now believe there will be just one rate hike this year.

Overseas, European equities continued to fall Thursday amid Brexit fears. German benchmark DAX index at Frankfurt Stock Exchange fell 0.59 percent, while French benchmark index CAC 40 lost 0.45 percent.

In Asia, Tokyo stocks plunged Thursday as the yen spiked against the U.S. dollar. The 225-issue Nikkei Stock Average slumped 3.05 percent to 15,434.14, marking its second-lowest level this year. Enditem