Shares rebounded strongly on the Australian market but talk of easing demand elsewhere may have made for a lacklustre showing from commodity stocks.
Technology shares were the stars on the ASX and gained 4.31 per cent.
The biggest tech stock, Afterpay, gained 7.67 per cent to $93.10.
Financials gained almost two per cent. Commonwealth Bank shares rose 3.23 per cent to $98.40.
Property stocks were also serious improvers and increased by 2.58 per cent.
The benchmark S&P/ASX200 index closed up by 87.9 points, or 1.27 per cent, to 7019.6 only a day after its biggest loss since February.
The All Ordinaries on Thursday closed higher by 86.9 points, or 1.21 per cent, to 7252.6 points.
There were gains of more than one per cent for consumer discretionaries, industrials, telecommunications and health.
Energy shares (up 0.04 per cent) and materials shares (down 0.42 per cent) were of little help for a second consecutive day.
NAB head of commodity research Lachlan Shaw pointed to discussions in the US and China as likely reasons.
Federal Reserve meeting minutes showed that while the US economy remained far from the central bank's goals, some participants canvassed later tapering the bond buying program.
US markets closed lower and Mr Shaw noted investors sold growth classes like commodities.
"People are worried the Fed will remove supportive policy sooner than expected," Mr Shaw said.
"If you're removing policy support, it's going to remove liquidity from the market."
Meanwhile, Chinese officials on Wednesday said they would better control supply and demand to curb "unreasonable" increases in commodity prices.
Prices for commodities such as steel, iron ore and copper have surged from post-lockdown recoveries.
"It would seem the Chinese government is determined to limit commodity price gains,'' Mr Shaw said.
BHP shed 1.05 per cent to $48.28. Fortescue slipped 0.09 per cent to $22.81. Rio Tinto lost 0.5 per cent to $123.26.
There were mixed results in energy.
Whitehaven Coal gained 4.06 per cent to $1.41.
Beach Energy lost 1.93 per cent to $1.27.
In domestic affairs, the unemployment rate fell for a sixth consecutive month to 5.5 per cent.
It was the first jobs report since the JobKeeper wage subsidy ended in March.
However, the ABS figures show that overall employment fell by 30,600 in the month, largely as result in a sharp drop in part-time workers.
Qantas boss Alan Joyce said Australia's vaccine rollout feels like it's moving slower than it should and wanted borders open by the end of the year.
The airline has offered voluntary redundancies for international cabin crew and imposed a two-year wage freeze for employees.
In better news, the airline is using domestic earnings to start repaying debt it took on to help it through the pandemic.
Shares were up 3.54 per cent to $4.68.
In health, market giant CSL had a good day. Shares rose 1.35 per cent to $278.16.
Beacon Lighting said it had enjoyed great full-year sales and was on course to improve earnings.
Beacon forecast full-year net profit after tax would be between $35.5 million and $37.5 million.
This was more than the previous underlying profit of $20.4 million, although this figure excluded Beacon Energy Solutions.
Shares were up 0.51 per cent to $1.96.
Retailer Kathmandu traded ex-dividend and lost 1.68 per cent to $1.46.
On Friday, retail sales data for April will be revealed.
The Australian dollar was buying 77.54 US cents at 1719 AEST, lower from 77.89 US cents at Wednesday's close.
ON THE ASX
* The benchmark S&P/ASX200 index closed up by 87.9 points, or 1.27 per cent, to 7019.6 on Thursday.
* The All Ordinaries closed higher by 86.9 points, or 1.21 per cent, to 7252.6 points.
* At 1719 AEST, the SPI200 futures index was down 21 points, or 0.3 per cent, to 6994.
One Australian dollar buys:
* 77.54 US cents, from 77.89 cents on Wednesday
* 84.58 Japanese yen, from 84.69 yen
* 63.60 Euro cents, from 63.50 cents
* 54.89 British pence, from 54.72 pence
* 107.83 NZ cents, from 107.65 cents.