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NEW YORK (CNNMoney)
The Dow Jones industrial average rose more than 50 points, or 0.4%, climbing to a fresh record high above 14,500. The gains mark the Dow's 10th straight up day -- matching the winning streak in 1996, the year of former Fed Chairman Alan Greenspan's "irrational exuberance" speech.
The S&P 500 added 5 points, or 0.3%. The broad index is less than 0.5% from its all-time closing high of 1,565.15, set in October 2007. The Nasdaq also gained 0.3%.
Investors were encouraged after a Labor Department report showed that initial jobless claims fell to 332,000 last week, coming in below economists forecasts for 350,000 and signaling ongoing improvement in the labor market.
Related: Dow's best run since 1996
On the corporate front, Men's Wearhouse (MW) soared 16% after reporting earnings, a $200 million share buyback and new guidance.
Shares of Blackberry (BBRY) pulled back Thursday, a day after rallying on the announcement that the company received one million orders for its Blackberry 10 device from an unnamed partner.
E*Trade (ETFC)shares fell after a major shareholder said it planned to sell its entire stake in the company.
Related: Fear & Greed Index moves into extreme greed
European markets were higher in afternoon trading, with Germany's DAX leading the way. A two-day summit of European leaders kicks off Thursday.
Asian markets ended firmer. Japan's Nikkei was up 1.2% but the Shanghai Composite and Hong Kong's Hang Seng continued to lag on talk of efforts to control rising prices.
"We shall take measures, including monetary policy adjustments, to stabilize prices, and lower inflation expectations," Zhou Xiaochuan, China's central bank governor, said Wednesday.
The dollar rose versus the Japanese yen, but lost ground against the euro and British pound.
Oil priced edged higher, while gold priced slipped.
The price on the 10-year Treasury fell slightly, pushing the yield up to 2.06% from 2.02% late Wednesday. 
First Published: March 14, 2013: 9:46 AM ET
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