US STOCKS-Wall St climbs as momentum names stabilize
* Yellen to testify before Senate Budget Committee
* Priceline, bounce from early lows
* Indexes up: Dow 0.3 pct, S&P 0.35 pct, Nasdaq 0.7 pct (Updates to open, adds Yellen comments)
By Chuck Mikolajczak
NEW YORK, May 8 (Reuters) - U.S. stocks rose on Thursday, as a turnaround in beaten-down momentum names helped boost the Nasdaq while initial jobless claims data pointed to a possible strengthening in the labor market and helped lift the broader market.
Initial claims for state unemployment benefits declined 26,000 to a seasonally adjusted 319,000 for the week ended May 3, snapping three weeks of declines. Economists polled by Reuters had forecast first-time applications for jobless benefits to fall to 325,000 last week.
After falling 1.7 percent over the past two sessions, the Nasdaq rebounded as heavy momentum names bounced off earlier lows. Tesla Motors managed to cut its initial losses for the session in half, down 5.7 percent to $189.87.
The Global X Social Media Index ETF has fallen more than 14 percent since April 22, advanced 2.4 percent.
"It's driven a little bit by the volatility in the big Nasdaq names, notably the momentum stocks, which I guess at least some investors felt maybe made a temporary bottom this morning. When they turned positive it gave some confidence to the overall market," said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. Continuación...