U.S. stocks rallied Thursday after better-than-expected earnings reports from Walgreens Boots Alliance, UnitedHealth, Bank of America and other major companies.

The S&P 500 rose 1.7% to 4,438.26 in its biggest jump since March. 

Eight members of the S&P 500 reported earnings this morning and all eight beat earnings-per-share expectations from Wall Street.

A lower-than-anticipated number of weekly jobless claims added to the positive market sentiment. Initial unemployment insurance claims last week totaled 293,000 – the first time the tally fell below the 300,000 level during the pandemic-era.

September’s producer price index came in lighter than expected, also helping sentiment. Wholesale prices rose 0.5% from the month prior versus the 0.6% Dow Jones estimate.

Goldman Sachs, J.B. Hunt and PNC Financial are among the names that will report quarterly results on Friday.

The Nasdaq Composite gained 1.73% for its best day since May. 

Thursday’s gains came despite hot inflation readings, which some have warned could derail the economic recovery. The consumer price index jumped 0.4% in September and 5.4% year over year, according to data from the Labor Department.

On the economic data front, retail sales numbers will be released Friday at 8:30 a.m. ET, while the University of Michigan Consumer Sentiment reading will hit the tape at 10 a.m. ET.