NEW YORK (CNNMoney)
The Dow Jones industrial average rose 0.3%, reaching an all-time high above 14,330. The S&P 500 gained 0.2%, while the Nasdaq increased 0.1%.
The recent rally has been driven by a series of strong economic reports, particularly related to the job market and manufacturing, said Marc Chandler, strategist for Brown Brothers Harriman.
The U.S. economy has proven itself "fairly resistant to the fiscal cliff and the sequester," he said.
Ahead of Thursday's open, the Department of Labor reported that initial jobless claims fell to 340,000 last week. That was down from an upwardly revised tally of 347,000 the prior week and better than the 350,000 forecast economists had expected.
Investors are gearing up for Friday's key monthly government jobs report on Friday. Economists surveyed by CNNMoney expect a gain of 170,000 jobs in February.
Related: Actually, the real Dow is still 11% below its record high
Meanwhile, earnings season is winding down with a smattering of companies still reporting.
SolarCity (SCTY) shares sank after the company missed earnings estimates. Online music streaming firm Pandora Media (P) reports after the market close.
In other corporate news, Time Warner Inc (TWX, Fortune 500), which owns CNNMoney, announced plans late Wednesday to spin off its Time Inc. magazine business into a separate publicly traded company. The stock edged higher in early trading.
Related: Fear & Greed Index sitting in greed
European markets rose in afternoon trading after the European Central Bank and the Bank of England announced they would keep their rates unchanged. Both moves were widely expected by analysts.
Asian markets ended mixed. The Shanghai Composite lost 1.0%, the Hang Seng was flat and Japan's Nikkei rose 0.3%.
The dollar fell versus the euro and the British pound, but rose versus the Japanese yen.
Oil and gold prices advanced slightly.
The price on the 10-year Treasury fell, pushing the yield up to 1.98% from 1.94% late Wednesday. 
First Published: March 7, 2013: 9:42 AM ET
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