NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq all gained in early trading Thursday. U.S. markets were closed Wednesday for the Christmas holiday break.
Trading volume is expected to be below average Thursday with many professional money managers taking the week off or working remotely.
The Dow and S&P 500 hit fresh all-time highs and the Nasdaq marked a new 13-year high when markets last traded on Tuesday. It was the Dow's 49th record close this year.
Related: Fear & Greed Index gets greedy again
Markets have certainly made big moves so far this year. The Dow and S&P 500 are both up more than 20%, while the Nasdaq has soared over 30%.
The broad rally puts the Dow on track for its best year since 2003 and the S&P 500 on pace for its best year since 1997.
This year's gains have been driven by ongoing economic stimulus from the Federal Reserve, increased confidence in the economy, solid corporate earnings growth and more individual investors entering the stock market.
Related: China's $50 billion move to avert cash crunch
The Fed announced last week that it will modestly reduce its bond buying program in January. But many experts believe the bull market, which began in early 2009, will continue for a sixth year in 2014, albeit at a more modest pace.
On the economic front, initial claims for unemployment benefits fell last week, according to government data released Thursday.
Shares of UPS (UPS, Fortune 500) and FedEx (FDX, Fortune 500) were little changed despite delays that caused both package delivery companies to miss holiday deadlines. Amazon (AMZN, Fortune 500) offered to refund shipping charges for customers who did not receive their packages on time.
Twitter (TWTR) continued a spectacular rally. Shares of the social media company were up 3%. The stock has gained 74% in December and has more than doubled in price since its November IPO.
Many European and Asian markets were closed for Boxing Day. The Nikkei gained 1%. Japan's stock exchange is up 51% for the year, making it the best performing global benchmark. 
First Published: December 26, 2013: 9:38 AM ET
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