U.S. stocks rose Thursday for the second consecutive trading session, overcoming earlier losses in the day and after the European Central Bank said it would increase its key interest rate to 0.75% from zero.

The Dow Jones Industrial Average rose 192.52 points, or 0.61%, to 31,773.80. The S&P 500 gained 26.22 points, or 0.66%, to 4,006.09, and the Nasdaq Composite was up 70.23 points, or 0.60%, to 11,862.13.

The modest climb added to Wednesday's gains as investors' inflation concerns eased after U.S. Federal Reserve officials reiterated the central bank's intentions to stifle inflation.

The ECB, meanwhile, signaled that further rate hikes were likely over the coming months.

Some of the stocks that saw gains Thursday included Snap (SNAP), which closed at $12.54, up $1.08, or 12.49%. Shares of drugmaker Regeneron Pharmaceuticals (REGN) surged $112.41, or 18.85%, to close at $708.85, on news of positive clinical trial results for a potential treatment for eye disease.

Inflation fears may have dampened, but recession concerns still linger.

"Recession risk is rising and we have been moving more defensive in our portfolios as a result. However, high inflation means that traditional 'risk off' strategies such as cash and government bonds can create a drag on total return," Lauren Goodwin, economist and portfolio strategist at New York Life Investments, said in a note to clients.