Live news: Alibaba shares tumble after cloud spin off plan axed

US stocks closed slightly higher on Thursday after a late afternoon rally, marking three positive sessions in a row despite a steep decline in oil prices, which sent energy stocks lower.

The benchmark S&P 500 added 0.1 per cent on Thursday, even as the index’s energy sector dropped more than 2 per cent.

Brent crude, the international oil benchmark oil, settled 4.6 per cent lower at $77.42 a barrel, its steepest fall since early October. US marker West Texas Intermediate fell 4.9 per cent to $72.90.

The tech-heavy Nasdaq Composite added 0.1 per cent.

Treasury yields remained lower after jobless claims data this morning raised hopes the US labour market was cooling, reducing the need for interest rates to stay high for longer. The yield on the 10-year Treasury note fell 0.09 percentage point to 4.44 per cent, its lowest level since September.