Nasdaq 100 Leaders and Laggards: NVDA CELG

The Labor Department said unemployment benefit applications rose 6,000 last week, in line with estimates. Meanwhile, the Philadelphia Federal Reserve said manufacturing output is declining in May slower than in April, and oil prices eased.

The Nasdaq 100 gained 34.04 points, or 1.7 percent, to close at 2,031.34. The index includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market

Shares of chip maker Nvidia Corp. jumped $1.71, or 7.8 percent, to $23.78. Earlier, a Friedman, Billings, Ramsey analyst recommended semiconductor stocks, citing strong demand from personal computer makers.

Shares of wireless communication company Leap Wireless International Inc. climbed $3.98, or 7.1 percent, to $60.03, its third straight positive session.

China-based advertising network Focus Media Holdings Ltd. advanced $2.63, or 6.7 percent, to $41.77.

Leading the decliners, biopharmaceutical company Celgene Corp. lost $1.71, or 2.8 percent, to $59.29.

Video game publisher Electronic Arts lost $1.26, or 2.4 percent, to $51.52.

Applied Materials Co. dipped 26 cents to $19.64.