Dow gains 116 points; S&P falls in choppy session

The Dow snapped a three-day losing streak Thursday, although the blue-chip index pared its gains after a report of new subpoenas in the Russia investigation.

The Dow Jones Industrial Average rallied 115.54 points, or 0.47%, to 24,873.66. The S&P 500 slipped 2.15 points, or 0.08%, to 2,747.33. The Nasdaq Composite was down 15.07 points, or 0.2%, at 7,481.74.

The New York Times reported that Robert Mueller, special counsel in charge of the investigation into alleged Russian meddling in the 2016 election, has subpoenaed the Trump Organization for documents related to Russia. After initially falling sharply on the report, the Dow climbed back after the Trump Organization dismissed it as old news, saying the company has cooperated with the investigation.

Investor sentiment was buoyed by President Trump's appointment of free-trade advocate Larry Kudlow as his top economic adviser. Major industrial corporations, which took a hit on concerns about the impact of Trump’s steel and aluminum tariffs as well as the possibility for a trade war with China, posted gains. Caterpillar shares rose 1.3%.

Investors also digested a positive stream of fresh economic data. Data released Thursday morning included weekly jobless claims, February import prices, the Philly and Empire State Manufacturing surveys and a reading on the housing market.

On Wednesday, markets took a hit after Trump said his administration will seek to trim the U.S. trade deficit with China by $100 billion.