1. U.S. stocks rose sharply on Thursday, a day after posting their biggest one-day gain in four years, as data showed the U.S. economy grew faster in the second quarter than initially thought.

2. The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand, showing fairly strong momentum that could still allow the Federal Reserve to hike interest rates this year.

3. The number of Americans filing new applications for unemployment benefits fell more than expected last week, pointing to a steadily firming labor market.

Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 271,000 for the week ended Aug. 22, the Labor Department said on Thursday

4. The dollar extended gains against against the other major currencies on Thursday, after data showed that the U.S. economy grew more than initially estimated in the second quarter, boosting optimism over the health of the economy.

5. Crude oil futures rallied sharply on Thursday, as appetite for riskier assets improved amid a global stock market rally.

Crude oil for delivery in October on the New York Mercantile Exchange surged $1.46, or 3.78%, to trade at $40.06 a barrel during U.S. morning hours.

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Investors may be suffering from whiplash but they should get some more pain relief Thursday.

U.S. stock futures were pushing higher, and global markets were bouncing as panic over China's stock market crash eased.

Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1) Global markets rally

Markets around the world rebounded after days of wild trading. China's benchmark Shanghai Composite jumped 5.3%, and Japan's Nikkei index closed up 1.5%. European markets notched solid gains in early trading.

Worries about Chinese growth and huge falls on its share markets triggered waves of selling around the globe this week, but the panic receded Thursday, helped by soothing words from central bankers.

China slashed interest rates earlier this week, hoping the move would stabilize the economy and ease fears that the country is slowing sharply. 

2) Oil jumps

The positive tone also washed over to crude markets. Oil surged 4% to trade back above $40 a barrel. Concerns about waning demand and oversupply has slugged crude in recent months, and the commodity is down nearly 25% since the start of this year. 

3) Earnings and economics

A slate of companies including Tiffany & Co (TIF), Dollar General (DG), Burlington Stores (BURL) and Michaels (MIK) are reporting quarterly earnings before the open. Gamestop (GME), Ulta (ULTA), and Aeropostale (ARO) are among the firms reporting after the close.

Federal Reserve policymakers kick off their annual meeting in Jackson Hole, Wyoming on Thursday. The three-day affair will be closely watched for hints about when to expect an interest rate hike. New York Fed President William Dudley said Wednesday the case for a September hike had become "less compelling."

Data to watch includes the second estimate of U.S. second quarter GDP, due out at 8:30 a.m. ET. New weekly jobless claims numbers are also out at 8.30am ET. 

4) Market movers

Transocean (RIG) is one stock to keep an eye on Thursday. As crude prices jumped, shares in the oil services firm are rising 4% premarket. Online streaming outfit Netflix's (NFLX, Tech30) stock is also up 4%.

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What is it? The Economic Symposium, held in Jackson Hole, Wyoming, is attended by central bankers, finance ministers, academics, and financial market participants from around the world. The meetings are closed to the press but officials usually talk with reporters throughout the day. Comments and speeches from central bankers and other influential officials can create significant market volatility.

When? All Day

Trading Tip: This announcement can greatly affect all currencies so make sure to follow it!

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What is it? This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes.

When? At 8:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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What is it? It's the broadest measure of economic activity and the primary gauge of the economy's health.

When? At 8:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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1. A gauge of U.S. business investment plans posted its largest increase in just over a year in July, underscoring the durability of the economic recovery despite a slowing global economy.

2. U.S. stocks opened sharply higher on Wednesday, with all three major indexes up about 2 percent, after data showed durable goods orders rose more than expected in July.

Analysts had expected a fall of 4 percent. Orders for core capital goods, a proxy for business investment, rose 2.2 percent - the biggest gain in 13 months.

3. An influential Federal Reserve official did not comment on monetary policy or the U.S. economy, according to text of a speech on Wednesday that addressed the economic recovery in his region of the country.

4. Greek President Prokopis Pavlopoulos is expected on Friday to call a snap election for next month, an official at the presidency told Reuters, ending fruitless coalition efforts among parties deeply divided over the country's new bailout.

5. The euro was down more than 1% against the dollar on Wednesday after a senior European Central Bank policymaker warned that the risks to its short-term inflation target have increased and hinted at fresh easing to combat deflation.

EUR/USD was down 1.16% to 1.1386, extending its pullback from the eight-month highs of 1.1713 hit on Monday.

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