US benchmark equity indexes closed higher on Thursday, driven by a rally in technology stocks.

The Nasdaq Composite increased 2.7% to 17,166.04, while the S&P 500 gained 2% to 5,484.78. The Dow Jones Industrial Average was up 1.2% to 40,093.40. Technology and industrials sectors posted the biggest gains, while consumer staples was the only loser.

US Treasury yields were down, with the 10-year rate decreasing about 7.8 basis points to 4.31% and the two-year rate was down 7 basis points to 3.79%.

June West Texas Intermediate crude oil increased 0.8% to $62.77 a barrel on Thursday.

In economic news, the US existing home sales dropped 5.9% sequentially to a seasonally adjusted annual rate of 4.02 million units last month, according to data released by the National Association of Realtors. The consensus was for a smaller 3.1% fall for March in a survey compiled by Bloomberg.

"Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates," NAR Chief Economist Lawrence Yun said. "Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society."

Weekly applications for unemployment insurance in the US increased by 6,000 to a seasonally adjusted 222,000 in the week ended April 19 from the previous week's upwardly revised print, according to the Department of Labor. The level matched the consensus view in a Bloomberg-compiled survey.

In company news, ServiceNow (NOW) was the top gainer on the S&P 500, with shares up nearly 16%. The software company early Thursday logged Q1 results above market expectations amid robust demand for its artificial intelligence offerings.

Hasbro (HAS) shares surged about 15%, the second-largest gain on the S&P. The toymaker reported a Q1 beat and extended its collaboration with Walt Disney (DIS).

LKQ (LKQ) was down 12%, the second-biggest decline on the S&P. The company's Q1 adjusted earnings fell year over year, and revenue missed analysts' estimates.

Procter & Gamble (PG) lowered its full-year outlook amid volatile market conditions after the consumer goods company's fiscal Q3 sales fell more than analysts' estimates. The shares dropped 3.8%.

Gold increased 1.9% to $3,357.20 per troy ounce, while silver was up 0.02% to $33.56 per troy ounce.