By DAMIAN J. TROISE
Stocks rallied in afternoon trading on Wall Street Thursday, trimming some of the week’s steep losses as investors gauge the latest corporate earnings and monitor rising inflation’s impact on the economy. The S&P 500 rose 1.2%, with more than 85% of stocks within the benchmark index making gains. The Dow Jones Industrial Average rose 1% and the Nasdaq rose 1.7%. Technology stocks were once again directing the broader market. Investors shrugged off news that the number of Americans applying for unemployment benefits rose to the highest level in three months last week as the fast-spreading omicron variant disrupted the job market.